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New SunTrust Unit Tunes Into Atlanta, Miami Music Scenes

Oct 22, 2002

SunTrust Banks, Inc. announced today that it is turning up the volume on the tailored financial services it provides within the fast-growing music industry.

Establishment of STI Music Private Banking Group, a new unit, reflects a strategic decision by SunTrust to significantly expand the scope of its highly successful Music Row Financial Center in Nashville, which has catered to the needs of the music industry for more than 14 years.

Plans call for new Music Private Banking offices to be opened in Atlanta and Miami by year-end. Brian Williams, senior vice president, director and founder of SunTrust's existing Nashville music operations, will lead the expanded Group.

"Those who make money making music have a unique set of financial needs. We believe SunTrust, by virtue of our special relationships, experience and expertise, is uniquely positioned to meet those needs," Williams said. He said the STI Music Private Banking Group will focus particularly on artists, publishers, songwriters, producers, personal managers, agencies, record labels, business managers and CPA firms.

"Music is an increasingly strong economic force in Atlanta, which many believe to be the epicenter of urban and hip-hop music. And we're seeing explosive growth in the Latin music segment in Miami, where South Beach in particular is emerging as the hub of this music segment," said Williams, who has been awarded along with his staff more than 175 gold and platinum records by high profile music industry artists.

"Key to our success in Nashville has been the credibility we've developed and maintained by way of a thorough understanding of the music industry and, equally important, of the talented artists and others who give it its special place in our society," said Williams. "We expect those factors to give us a competitive edge in these new markets."

Williams said each new office will be staffed with two private bankers supported by dedicated line-of-business specialists and the SunTrust Music Row Financial Center.

This expansion move is consistent with the company's commitment to leverage resources developed in one part of the organization to serve customers more broadly in other markets where the need and business opportunity exist.

SunTrust Banks, Inc., headquartered in Atlanta, Georgia, is one of the nation's largest commercial banking organizations. As of September 30, 2002, SunTrust had total assets of $112.4 billion and total deposits of $73.8 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 .

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SOURCE: SunTrust Banks, Inc.

CONTACT: Hugh Suhr of SunTrust Banks, Inc. +1-404-827-6813