News Releases

Back to News Releases

SunTrust Intensifies Local Market Focus

Jun 24, 2002

SunTrust Banks, Inc. said today it has reconfigured its geographic banking organization, which serves 3.7 million customer households throughout Georgia, Florida, Virginia, Maryland, Tennessee, Alabama and the District of Columbia, to intensify the Company's local market and customer focus while also improving its ability to efficiently implement strategy and product enhancements.

SunTrust Vice Chairman John Clay said the move represents the latest step in a process of "quiet transformation" that got underway at SunTrust in late 1999 with the designation of five key lines of business (retail banking, commercial banking, mortgage banking, private client services and corporate & investment banking) to work hand-in-hand with SunTrust's geographic banking units.

Mr. Clay said SunTrust's geographic banking organization will now include 15 regions that encompass more than 50 market-focused banks, each headed by a local executive empowered to bring SunTrust's full range of resources to meet local customer needs. "This structure underscores SunTrust's commitment to its local markets while at the same time positions the company to more efficiently bring its "big bank" capabilities to bear on local market needs," Mr. Clay said.

To view an updated list of SunTrust banking units and executives, please visit the "Press Kit" at the "News Room" located in the About SunTrust section of .

Previously, SunTrust operated primarily through 30 banks, each of which continues to operate under the new structure. Most of these units were separate legal entities prior to January 2000, when SunTrust consolidated its multiple bank charters into one and subsequently standardized many operational and back office processes.

"The changes announced today have no immediate customer impact," Mr. Clay said. "But over time they will permit us to maintain the strong local market presence and decision-making that remains central to SunTrust's business strategy, while also meeting our institutional goals of increased sales and improved operating efficiency."

In connection with today's move, SunTrust announced several executive changes. They are:

  *  E. Jenner Wood, III, (51), formerly Chairman, President and CEO of
     SunTrust Bank, Atlanta and SunTrust Bank, Georgia, has been named
     Chairman, President and CEO of SunTrust's new Central Group, which
     includes SunTrust banks in Georgia and Tennessee.  Mr. Wood will
     also remain Chairman of SunTrust Bank, Atlanta.

  *  Scott Wilfong, (52), has been named President and CEO of SunTrust Bank,
     Atlanta which now includes the Atlanta, Athens and Gainesville, Ga.
     markets.  Mr. Wilfong was previously head of SunTrust's Maryland bank.

  *  Warren "Woody" Woodring, (43), formerly managing director of Credit and
     Risk Management for SunTrust's Corporate and Investment Banking line of
     business, has been appointed President and CEO of SunTrust Bank,
     Nashville.  Sam Franklin remains Chairman of SunTrust Bank, Nashville.

  *  Dennis Patterson, (53), has been named to a new senior level position
     at SunTrust, Director of Sales and Corporate Administration.  In this
     capacity, Mr. Patterson assumes Company-wide responsibilities for
     customer sales, service, retention and related revenue growth, in
     addition to oversight of implementation of high priority corporate
     strategies and initiatives.

  *  Gene Kirby, (42), formerly Director of Internet and E-business,
     succeeds Mr. Patterson as SunTrust Retail Banking line of business

  *  Donald Downing, (55), has been named SunTrust Chief Strategy Officer
     replacing Joy Wilder Morgan, (40), who will become Retail Banking line
     of business manager for Atlanta.

  *  Sterling Edmunds, (47), who was president of SunTrust Mortgage Inc.,
     succeeds Mr. Downing as Chairman and CEO of the mortgage company and
     SunTrust Mortgage line of business manager.

SunTrust Banks, Inc., headquartered in Atlanta, Georgia, is one of the nation's largest commercial banking organizations. As of December 31, 2001, SunTrust had total assets of $104.7 billion and total deposits of $67.5 billion. The company operates through an extensive distribution network in Alabama, Florida, Georgia, Maryland, Tennessee, Virginia and the District of Columbia and also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the company provides credit cards, mortgage banking, insurance, brokerage and capital markets services. SunTrust's Internet address is .


Web site:

SOURCE: SunTrust Banks, Inc.

CONTACT: Barry Koling, +1-404-606-0910, or Mike McCoy, +1-404-588-7230,
both of SunTrust Banks, Inc.