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SunTrust's Asset Management Advisors Expands Wealth Management Services Into Washington D.C. Area

PRNewswire-FirstCall
ATLANTA
Nov 13, 2002

Asset Management Advisors (AMA), a leading wealth management firm and affiliate of SunTrust Banks, Inc. , today announced its expansion into the Washington, D.C. area.

AMA provides comprehensive wealth management services to families with investable assets of $25 million or more including sophisticated investment and tax expertise; the hiring and supervision of highly qualified outside money managers; and providing resources and guidance to families with regard to personal family issues such as governance and tax planning.

"The opening of an office to serve the greater Washington D.C. region reflects the importance of locally managing the needs of high net worth individuals," said Henry Perry, chairman and chief executive officer of AMA. "This region is a very attractive market for the expertise we offer, and we are fortunate to have an experienced and locally established team leading this initiative."

The new office will be headed by John Elmes and John Devine. Lois Arreguin has been hired as office manager.

Messrs. Elmes and Devine were both directors at Deutsche Bank Alex. Brown prior to joining AMA. As partners, they developed a team to assist wealthy families with comprehensive planning services. Before Deutsche Bank, both Mr. Elmes and Mr. Devine were with Arthur Anderson. Mr. Elmes was founder of Andersen's Investment Advisory practice, and was one of the partners responsible for building the division to more than $5 billion in taxable high net worth assets under advisement. Mr. Devine was responsible for building Andersen's high net worth individual practice in Baltimore, Md.

Mr. Elmes is a Chartered Financial Analyst, a member of the Association for Investment Management and Research, a member of the Washington Society of Investment Analysts, and a board member of the Make a Wish Foundation of the Mid-Atlantic.

Mr. Devine is a Certified Public Accountant, a Personal Financial Specialist, and a member of the Maryland Association of Certified Public Accountants. One of his areas of specialization is income, gift, and estate tax planning for families of significant wealth.

Lois Arreguin also joins Asset Management Advisors from Deutsche Bank where she was responsible for the administration of more than $1 billion in assets for high net worth individuals. She is Series 7 and 63 registered.

Founded in 1989 and headquartered in Palm Beach, Fla., Asset Management Advisors maintains local offices in Palm Beach and Orlando, Fla., Atlanta and Washington D.C.

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 www.suntrust.com .

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SOURCE: SunTrust Banks, Inc.

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