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SunTrust Sets Purchase Dates for Previously Disclosed Auction Rate Securities Settlement

Nov 28, 2008

SunTrust Banks, Inc. said it has set the purchase dates it will, under the terms of a previously announced agreement in principle with The Financial Industry Regulatory Authority (FINRA), offer to purchase at par certain auction rate securities ("ARS") and auction rate preferred securities ("ARPS") purchased through certain subsidiaries. This agreement is subject to negotiation and final settlement, with such negotiations continuing.

The offers, which will be voluntarily initiated through SunTrust subsidiaries, SunTrust Robinson Humphrey, Inc. and SunTrust Investment Services, Inc., will commence on December 1, 2008 for certain customers and will expire on or before March 2, 2009.

SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of September 30, 2008, SunTrust had total assets of $174.8 billion and total deposits of $115.9 billion. The Company operates an extensive branch and ATM network throughout the high- growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and capital markets services. SunTrust's Internet address is

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SOURCE: SunTrust Banks, Inc.

CONTACT: Mike McCoy of SunTrust Banks, Inc., +1-404-588-7230