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SunTrust Declares Quarterly Dividend And Authorizes 10 Million Share Stock Repurchase Program

Nov 12, 2002

The Board of Directors of SunTrust Banks, Inc. today declared a regular quarterly cash dividend of $0.43 per common share. The dividend is payable on December 13, 2002, to shareholders of record on November 29, 2002. The indicated annual cash dividend is $1.72 per common share.

Additionally, the Board authorized the purchase of up to 10 million shares of the Company's common stock. The company will purchase the stock from time to time in the open market or through privately negotiated transactions depending on market conditions. Management said this authorization is intended to facilitate the company's ongoing programs of repurchasing its stock. This authorization is in addition to the share repurchase announced on June 13, 2001; as of October 31, 2002, approximately 700,000 shares remain to be purchased under the preceding authorization.

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 .

This press release may contain forward-looking statements as defined by federal securities law which involve significant risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; changes in accounting principles, policies, or guidelines; significant changes in the economic scenario: significant changes in regulatory requirements; and significant changes in securities markets. SunTrust does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

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SOURCE: SunTrust Banks, Inc.

CONTACT: investors, Gary Peacock, +1-404-658-4879, or media, Barry
Koling, +1-404-230-5268, both of SunTrust Banks, Inc.