91-594: SunTrust Banks, Inc. was an American bank holding company with SunTrust Bank as its largest subsidiary and assets of US$ 199 billion as of March 31, 2018. The bank's most direct corporate parent was established in 1891 in Atlanta , where it was headquartered. As of September 2016, SunTrust Bank operated 1,400 bank branches and 2,160 ATMs across 11 southeastern states and Washington, D.C. The bank's primary businesses included deposits, lending, credit cards, and trust and investment services. Through its various subsidiaries,
182-601: A trust company and renamed itself Trust Company of Georgia. The earliest predecessor of Sun Bank was founded in 1911 as The People's National Bank in Orlando, Florida . In 1920, it became the First National Bank. In the early 1930s, during the Great Depression , the First National Bank and Trust Company failed. It was reorganized on Valentine's Day 1934 as the First National Bank at Orlando. In 1973,
273-611: A "blueprint" for future incidents of police brutality nationwide. The incident also resulted in the disbanding of the city's "SCORPION" unit, which had been mandated with directly combating the most violent crimes in the city. All the officers charged with involvement in Nichols's death were members of the unit. According to the United States Census Bureau , the city has a total area of 324.0 square miles (839.2 km ), of which 315.1 square miles (816.0 km )
364-573: A bank". All bank holding companies in the US are required to register with the Board of Governors of the Federal Reserve System . The Federal Reserve Board of Governors , under Regulation Y ( 12 CFR 225 ) has responsibility for regulating and supervising bank holding company activities, such as establishing capital standards , approving mergers and acquisitions and inspecting
455-551: A deal for Shearson's retail division, and Robinson-Humphrey was included in the sale, using the Smith Barney unit of Primerica Corp. On February 7, 2019, BB&T Corporation reported that it would acquire SunTrust to create the sixth-largest US bank, with assets of $ 442 billion and market capitalization around $ 66 billion. BB&T will be the nominal survivor, but the merged bank will be headquartered in Charlotte under
546-630: A focal point of Spanish activity until, as Holmes summarizes: [T]he Treaty of San Lorenzo or Pinckney's Treaty of 1795 [implemented in March 1797], [had as its result that] all of the careful, diplomatic work by Spanish officials in Louisiana and West Florida , which has succeeded for a decade in controlling the Indians [e.g., the Choctaws ], was undone. The United States gained the right to navigate
637-563: A large territory in the Southeast. French explorers led by René-Robert Cavelier, Sieur de La Salle , and Spanish explorer Hernando de Soto encountered the historic Chickasaw in this area in the 16th century. J. D. L. Holmes, writing in Hudson's Four Centuries of Southern Indians (2007), notes that this site was a third strategic point in the late 18th century through which European powers could control United States encroachment beyond
728-625: A multicultural mix of influences: country , rock and roll , soul , and hip-hop . The city is home to a major professional sports team , the Grizzlies of the NBA . Other attractions include Graceland , the Memphis Pyramid , Sun Studio , the Blues Hall of Fame and Stax Museum of American Soul Music . Memphis-style barbecue has achieved international prominence, and the city hosts
819-540: A new name, Truist Financial Corporation . However, Truist will retain significant operations in Atlanta. It was subsequently announced that Atlanta will be Truist's headquarters for wholesale banking, while Winston-Salem will be the headquarters for community banking. This could mean more jobs in both cities. SunTrust had been the last major bank headquartered in Atlanta, which had been the South's financial capital for much of
910-533: A plan to sell more shares in 2014 and 2015. However, in September 2012, SunTrust sold all of its Coke shares at the behest of its primary regulator, the Federal Reserve. SunTrust was forced to resubmit its capital plan – known as Comprehensive Capital Analysis and Review (CCAR) – after it failed part of the stress test in March 2012. The Coke shares (or any stock holding) held by SunTrust would weigh on
1001-474: A tax free basis, borrow money, acquire other banks and non-bank entities more easily, and issue stock with greater regulatory ease. It also has a greater legal authority to conduct share repurchases of its own stock. The downside includes responding to additional regulatory authorities, especially if there are more than 2,000 shareholders (note: prior to the Jobs Act or Jumpstart Our Business Startups Act ,
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#17327811566671092-640: A transition into the CEO role previously held by Jim Wells, who retired December 31, 2011. Formerly SunTrust's COO, Rogers assumed the title of CEO on June 1, 2011. Rogers had been named President in 2008. At that time, the current Chief Financial Officer (CFO) is Aleem Gillani was named in April 2011. In 2015 and 2016, two corporate treasurers have gone on to become CFOs at large regional banks, including Kevin Blair at Zions Bancorporation and Paul Burdiss at Synovus , and
1183-548: A unit strategy head, Inder M. Singh, became CFO at IT firm Unisys . SunTrust had a long-standing relationship with The Coca-Cola Company . In 1919, Ernest Woodruff , president of the Trust Company from 1904 to 1922, and W. C. Bradley bought The Coca-Cola Company for $ 25 million and restructured. The Trust Company of Georgia helped underwrite the initial public offering, accepting shares of Coke in exchange for its services. Four years later, his son, Robert W. Woodruff ,
1274-676: A year. In 1985, Trust Company of Georgia and SunBanks merged to form SunTrust Banks, Inc. The merged company was headquartered in Atlanta, and continued to operate as Trust Company Bank in Georgia and Sun Bank in Florida. The newly merged company made its first major deal a year later, when it purchased Third National Corporation of Nashville . However, it continued to use the Third National name in Tennessee. In 1995, SunTrust retired
1365-674: A yellow fever outbreak, 20,000 residents fled the city. The ensuing panic left the poverty-stricken, the working classes, and the African-American community at the most risk from the epidemic. Those who remained relied on volunteers from religious and physician organizations to tend to the sick. By the end of the year, more than 5,000 were confirmed dead in Memphis. The New Orleans health board listed "not less than 4,600" dead. The Mississippi Valley recorded 120,000 cases of yellow fever, with 20,000 deaths. The $ 15 million in losses caused by
1456-584: Is a company that controls one or more banks , but does not necessarily engage in banking itself. The compound bancorp ( banc / bank + corp[oration] ) or bancorporation is often used to refer to these companies as well. In the United States, a bank holding company , as provided by the Bank Holding Company Act of 1956 ( 12 U.S.C. § 1841 et seq. ), is broadly defined as "any company that has control over
1547-567: Is land and 9.0 square miles (23.2 km ), or 2.76%, is water. Downtown Memphis rises from a bluff along the Mississippi River . The city and metro area spread out through suburbanization, and encompass southwest Tennessee, northern Mississippi , and eastern Arkansas . Several large parks were founded in the city in the early 20th century, notably Overton Park in Midtown and the 4,500-acre (18 km ) Shelby Farms . The city
1638-626: Is the fifth-most populous city in the Southeast , the nation's 28th-most populous overall, as well as the largest city bordering the Mississippi River and third largest metropolitan statistical area behind Greater St. Louis and the Twin Cities on the Mississippi River. The Memphis metropolitan area includes West Tennessee and the greater Mid-South region , which includes portions of neighboring Arkansas , Mississippi and
1729-549: The Atlanta Braves announced the name of their new Cobb County stadium: SunTrust Park . SunTrust Park, which opened for the 2017 season as their new home. The $ 1.1 billion construction project in Cobb County included The Battery Atlanta , a district of restaurants, shops, offices, a hotel, and residential spaces directly connected to the park, all built during the construction of stadium itself. The name SunTrust Park
1820-468: The Federal Reserve 's credit facilities. Memphis, Tennessee Memphis is a city in the U.S. state of Tennessee . It is the county seat of Shelby County , in the southwesternmost part of the state, and is situated along the Mississippi River . With a population of 633,104 at the 2020 U.S. census , Memphis is the second-most populous city in Tennessee after Nashville . Memphis
1911-771: The Mississippi River and won control over the Yazoo Strip north of the thirty-first parallel. The Spanish dismantled the fort, shipping its lumber and iron to their locations in Arkansas. In 1796, the site became the westernmost point of the newly admitted state of Tennessee, in what was then called the Southwest United States. The area was still largely occupied and controlled by the Chickasaw nation. Captain Isaac Guion led an American force down
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#17327811566672002-601: The Missouri Bootheel . One of the more historic and culturally significant cities of the Southern United States , Memphis has a wide variety of landscapes and distinct neighborhoods . The first European explorer to visit the area of present-day Memphis was Spanish conquistador Hernando de Soto in 1541. The high Chickasaw Bluffs protecting the location from the waters of the Mississippi
2093-641: The Treaty of Tuscaloosa , signed in October 1818 and ratified by Congress on January 7, 1819, the Chickasaw ceded their territory in Western Tennessee to the United States . The city of Memphis was founded less than five months after the U.S. takeover of the territory, on May 22, 1819 (incorporated December 19, 1826), by John Overton , James Winchester and Andrew Jackson . They named it after
2184-565: The ancient capital of Egypt on the Nile River . From the city's foundation onwards, African Americans formed large proportion of Memphis' population. Prior to the abolition of slavery in the United States , most Black people in Memphis were enslaved, being used as forced labor by white enslavers along the river or on outlying cotton plantations in the Mississippi Delta . The city's demographics changed dramatically in
2275-572: The 1850s and 1860s, due to waves of immigration and domestic migration. Due to increased immigration since the 1840s and the Great Famine , Irish Americans made up 9.9% of the population in 1850, but 23.2% by 1860, when the total population was 22,623. Tennessee seceded from the Union in June 1861, and Memphis briefly became a Confederate stronghold. Union ironclad gunboats captured it in
2366-453: The 1880s Memphis led the nation in sanitary reform and improvements. Perhaps the most significant effect of yellow fever on Memphis was in demographic changes. Nearly all of Memphis's upper and middle classes vanished, depriving the city of its general leadership and class structure that dictated everyday life, similar to that in other large Southern cities, such as New Orleans , Charleston, South Carolina , and Atlanta, Georgia . In Memphis,
2457-639: The 1960s, the city was at the center of the Civil Rights Movement , as its large African-American population had been affected by state segregation practices and disenfranchisement in the early 20th century. African-American residents drew from the civil rights movement to improve their lives. In 1968, the Memphis sanitation strike began for living wages and better working conditions; the workers were overwhelmingly African American. They marched to gain public awareness and support for their plight:
2548-538: The 20th century, with four lynchings between 1900 and the lynching of Thomas Williams in 1928. A Tennessee Powder Company built an explosives powder plant to make TNT and gunpowder on a 6,000-acre site in Millington in 1940. The plant was built to make smokeless gunpowder for the British Armed Forces during World War II . In May 1941, DuPont (1802–2017) took over the plant, changed the name to
2639-497: The 20th century. The merger closed on December 6, 2019. On that day, SunTrust Bank merged into BB&T's banking unit, Branch Banking and Trust Company, forming Truist Bank as the merged company's legal banking entity. However, the merged bank will continue to operate under the BB&;T and SunTrust names until the two banks' systems are combined, a process that could take up to two years. Customers of either company will be able to use
2730-740: The Appalachians and their interference with Indian matters—after Fort Nogales (present-day Vicksburg ) and Fort Confederación (present-day Epes, Alabama ): "Chickasaw Bluffs, located on the Mississippi River at the present-day location of Memphis. Spain and the United States vied for control of this site, which was a favorite of the Chickasaws." In 1795 the Spanish Governor-General of Louisiana , Francisco Luis Héctor de Carondelet , sent his lieutenant governor, Manuel Gayoso de Lemos , to negotiate and secure consent from
2821-549: The Carolinas, and West Virginia for the first time, and substantially increased its footprint in the other states. In 2013, the bank led a bank group that included Fifth Third Bank and Florida Community Bank that helped finance the acquirement of BEL USA, the parent company that owns DiscountMugs , by Comvest Partners, a private equity firm. In 2014, SunTrust announced it would launch a medical specialty group to work with independent medical practices. On September 16, 2014,
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2912-624: The Chickasaw Ordnance Works, and produced powder for the United States Armed Forces . There were 8,000 employees. The plant was dismantled after the war in 1946. From the 1910s to the 1950s, Memphis was a place of machine politics under the direction of E. H. "Boss" Crump . He gained a state law in 1911 to establish a small commission to manage the city. The city retained a form of commission government until 1967 and patronage flourished under Crump. Per
3003-627: The District of Columbia entered the Consent Order on September 30, 2014. The consent order addressed SunTrust's alleged misconduct regarding its mortgage servicing and foreclosure practices. SunTrust was also required to create a 40 million dollar fund for the approximately 45,000 SunTrust borrowers who were foreclosed upon between January 1, 2008 and December 31, 2013. In addition, SunTrust was required to adhere to significant new homeowner protections. The consent order required that SunTrust follow
3094-585: The Ohio River to claim the land, arriving on July 20, 1797. By this time, the Spanish had departed. The fort's ruins went unnoticed 20 years later when Memphis was laid out as a city after the United States government paid the Chickasaw for land. At the beginning of the century, as recognized by the United States in 1786 Treaty of Hopewell , the land still belonged to the Chickasaw Nation . In
3185-622: The Sylvers , Jay Reatard , Zach Myers , and Aretha Franklin . On December 23, 1988, a tanker truck hauling liquefied propane crashed at the I-40/I-240 interchange in Midtown and exploded , starting multiple vehicle and structural fires. Nine people were killed and ten were injured. It was one of Tennessee's deadliest motor vehicle accidents and eventually led to the reconstruction of the interchange where it occurred. On June 2, 2021,
3276-582: The Trust Company Bank, Sun Bank and Third National names and rebranded all of its banking subsidiaries as SunTrust. SunTrust purchased Crestar Financial Corporation of Richmond, Virginia in 1998, expanding the company's footprint into Virginia, Maryland, and the District of Columbia. Crestar was founded in 1865 as State Planters Bank of Commerce and Trusts in 1865, becoming United Virginia Bank in 1969 and Crestar in 1987. Crestar's (and SunTrust's) earliest predecessor, Farmers Bank of Alexandria ,
3367-401: The altercations, which were described as "heinous" and showed "a total lack of regard for human life", according to Memphis police chief Cerelyn "CJ" Davis. The officers were fired and charged with second-degree murder, aggravated kidnapping, and other crimes. The relatively rapid dismissal and prosecution of the offending officers were favorably perceived by Nichols's family, and Davis called it
3458-493: The annual World Championship Barbecue Cooking Contest , which attracts more than 100,000 visitors each year. Higher-level educational institutions include the University of Memphis , Christian Brothers University and Rhodes College . Occupying a substantial bluff rising from the Mississippi River, the site of Memphis has been a natural location for human settlement by varying indigenous cultures over thousands of years. In
3549-679: The area annexed was slightly smaller than first proposed. In 1893 the city was rechartered with home rule , which restored its ability to enact taxes. The state legislature established a cap rate. Although the commission government was retained and enlarged to five commissioners, Democratic politicians regained control from the business elite. The commission form of government was believed effective in getting things done, but because all positions were elected at-large , requiring them to gain majority votes, this practice reduced representation by candidates representing significant minority political interests. In terms of its economy, Memphis developed as
3640-477: The bank merged with other Orlando banks to become SunBanks. As of December 31, 1973, it had three bank-related subsidiaries and total assets of $ 1.713 billion. In the early 1980s, the bank pursued further mergers, positioning itself for the state of Florida to eventually allow interstate banking. It incorporated 81-year-old Hillsboro Bank, based in Plant City , an institution with $ 150 million in assets and then
3731-605: The bank's capital ratio under new capital rules within Basel III . Thus, SunTrust decided to accelerate its plan and sold the Coke shares earlier than expected. In 2014, the Federal government together with state attorneys general in 49 states and the District of Columbia reached a settlement requiring SunTrust Mortgage, Inc., to provide $ 500 million in various forms of relief to mortgage borrowers. The United States District Court for
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3822-544: The black settlement was left in ruins. Two whites were killed in the riot. Many blacks permanently fled Memphis afterward, especially as the Freedmen's Bureau continued to have difficulty in protecting them. Their population fell to about 15,000 by 1870, 37.4% of the total population of 40,226. Historian Barrington Walker suggests that the Irish rioted against blacks because of their relatively recent arrival as immigrants and
3913-741: The city has a majority African-American population. Memphis is well known for its cultural contributions to the identity of the American South . Many renowned musicians grew up in and around Memphis and moved to Chicago and other areas from the Mississippi Delta , carrying their music with them to influence other cities and listeners over radio airwaves. Former and current Memphis residents include musicians Elvis Presley , Jerry Lee Lewis , Muddy Waters , Carl Perkins , Johnny Cash , Robert Johnson , W. C. Handy , Bobby Whitlock , B.B. King , Howlin' Wolf , Isaac Hayes , Booker T. Jones , Eric Gales , Al Green , Alex Chilton , Three 6 Mafia ,
4004-496: The city population. The Union Army's presence attracted many fugitive slaves who had escaped from surrounding rural plantations. So many sought protection behind Union lines that the Army set up contraband camps to accommodate them. Memphis's black population increased from 3,000 in 1860, when the total population was 22,623, to nearly 20,000 in 1865, with most settling south of the city limits. The rapid demographic changes added to
4095-430: The city were the lower classes, such as German and Irish immigrant workers and African Americans. None had the means to flee the city, as did the middle and upper-class whites of Memphis, and thus they were subjected to a city of death. Immediately following the Board of Health's declaration, a Citizen's Relief Committee was formed by Charles G. Fisher. It organized the city into refugee camps. The committee's main priority
4186-493: The city. A massive panic ensued. The same trains and steamboats that had brought thousands into Memphis, in five days carried away more than 25,000 refugees, more than half of the city's population. On August 23, the Board of Health finally declared a yellow fever epidemic in Memphis, and the city collapsed, hemorrhaging its population. In July of that year, the city had a population of 47,000; by September, 19,000 remained, and 17,000 of them had yellow fever. The only people left in
4277-499: The company provided corporate and investment banking, capital market services, mortgage banking, and wealth management — with nearly 24,000 employees. In 2013, it was ordered to pay $ 1.5 billion "to resolve claims of shoddy mortgage lending, servicing and foreclosure practices," and it reached a preliminary $ 968 Million settlement with the US government in 2014. In February 2019, SunTrust Banks announced its pending purchase by BB&T for $ 28 billion in an all-stock deal, creating
4368-551: The country to come home. Though yellow fever cases were recorded in the pages of Elmwood Cemetery's burial record as late as February 29, 1874, the epidemic seemed quieted. The Board of Health declared the epidemic at an end after it had caused over 20,000 deaths and financial losses of nearly $ 200 million. On November 27, a general citizen's meeting was called at the Greenlaw Opera House to offer thanks to those who had stayed behind to serve, of whom many had died. Over
4459-522: The course of my employment with SunTrust and/or about which I have knowledge as a result of my employment with SunTrust." Located at 200 South Orange Avenue, The SunTrust Center is the tallest building in downtown Orlando, Florida . The 35 story, 650,000 sq ft (60,000 m) building was constructed in 1988 at a cost of approximately $ 100 million. It is constructed of reinforced concrete and granite with marble finishes and features 17 elevators. Bank holding company A bank holding company
4550-678: The danger of their work, and the struggles to support families with their low pay. Their drive for better pay had been met with resistance by the city government. Martin Luther King Jr. of the Southern Christian Leadership Conference , known for his leadership in the non-violent movement, came to lend his support to the workers' cause. King stayed at the Lorraine Motel in the city, and was assassinated by James Earl Ray on April 4, 1968,
4641-526: The day after giving his I've Been to the Mountaintop speech at the Mason Temple . After learning of King's murder, many African Americans in the city rioted, looting and destroying businesses and other facilities, some by arson. The governor ordered Tennessee National Guardsmen into the city within hours, where small, roving bands of rioters continued to be active. Fearing the violence, more of
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#17327811566674732-567: The disease carried by river passengers traveling by ships along the waterways. During the Yellow Fever Epidemic of 1878, more than 5,000 people were listed in the official register of deaths between July 26 and November 27. The vast majority died of yellow fever, making the epidemic in the city of 40,000 one of the most traumatic and severe in urban U.S. history. Within four days of the Memphis Board of Health's declaration of
4823-423: The election of all the at-large positions. Memphis did not become a home rule city until 1963, although the state legislature had amended the constitution in 1953 to provide home rule for cities and counties. Before that, the city had to get state bills approved in order to change its charter and other policies and programs. Since 1963, it can change the charter by popular approval of the electorate. During
4914-439: The end of slavery , the city continued to grow into the 20th century. It became among the largest world markets for cotton and hardwood . Home to Tennessee's largest African-American population, Memphis played a prominent role in the American Civil Rights Movement . Dr. Martin Luther King Jr. was assassinated in 1968 after activities supporting a strike by the city's maintenance workers. The National Civil Rights Museum
5005-445: The epidemic bankrupted Memphis, and as a result, its charter was revoked by the state legislature. By 1870, Memphis's population of 40,000 was almost double that of Nashville and Atlanta, and it was the second-largest city in the South after New Orleans. Its population continued to grow after 1870, even when the Panic of 1873 hit the US hard, particularly in the South. The Panic of 1873 resulted in expanding Memphis's underclasses amid
5096-416: The epidemic reported seeing as many as 100 to 150 patients daily. The Episcopal Community of St. Mary at St. Mary's Episcopal Cathedral played an important role during the epidemic in caring for the lower classes. Already supporting a girls' school and church orphanage, the Sisters of St. Mary also sought to provide care for the Canfield Asylum, a home for black children. Each day, they alternated caring for
5187-431: The fifth-busiest inland water port in the U.S. The Globalization and World Cities Research Network considers Memphis a "Sufficiency" level global city as of 2020. Memphis is a center for media and entertainment, notably a historic music scene . With blues clubs on Beale Street originating the unique Memphis blues sound, the city has been nicknamed the "Home of the Blues". Its music has continued to be shaped by
5278-417: The first millennium A.D. people of the Mississippian culture were prominent; the culture influenced a network of communities throughout the Mississippi River Valley and its tributaries. The hierarchical societies built complexes with large earthwork ceremonial and burial mounds as expressions of their sophisticated culture. The Chickasaw people, believed to be their descendants, later inhabited this site and
5369-623: The franchise until after the passage of civil rights legislation in the mid-1960s.) Historian L. B. Wrenn suggests the heightened political hostility of the Democratic contest and related social tensions contributed to a white mob lynching three black grocers in Memphis in 1892 . Journalist Ida B. Wells of Memphis investigated the lynchings, as one of the men killed was a friend of hers. She demonstrated that these and other lynchings were more often due to economic and social competition than any criminal offenses by black men. Her findings were considered so controversial and aroused so much anger that she
5460-428: The freedmen. Unlike the disturbances in some other cities, ex-Confederate veterans were generally not part of the attacks against blacks in Memphis. As a result of the riots in Memphis, and a similar one in New Orleans, Louisiana in September, Congress passed the Reconstruction Act and the Fourteenth Amendment to the U.S. Constitution . In the 1870s, a series of yellow fever epidemics devastated Memphis, with
5551-431: The local Chickasaw so that a Spanish fort could be erected on the bluff; Fort San Fernando De Las Barrancas was the result. Holmes notes that consent was reached despite opposition from "disappointed Americans and a pro-American faction of the Chickasaws" when the "pro-Spanish faction signed the Chickasaw Bluffs Cession and Spain provided the Chickasaws with a trading post". Fort San Fernando de las Barrancas remained
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#17327811566675642-427: The middle-class began to leave the city for the suburbs. In 1970, the Census Bureau reported Memphis's population as 60.8% white and 38.9% black. Suburbanization was attracting wealthier residents to newer housing outside the city. After the riots and court-ordered busing in 1973 to achieve desegregation of public schools, "about 40,000 of the system's 71,000 white students abandon[ed] the system in four years." Today,
5733-414: The naval Battle of Memphis on June 6, 1862, and the city and state were occupied by the Union Army for the duration of the war. Union commanders allowed the city to maintain its civil government during most of this period but excluded Confederate States Army veterans from office. This shifted political dynamics in the city as the war went on. The war years contributed to additional dramatic changes in
5824-402: The next year property tax revenues collapsed, and the city could not make payments on its municipal debts. As a result, Memphis temporarily lost its city charter and was reclassified by the state legislature as a Taxing District from 1878 to 1893. But a new era of sanitation was developed in the city, a new municipal government in 1879 helped form the first regional health organization, and during
5915-403: The operations of such companies. This authority applies even though a bank owned by a holding company may be under the primary supervision of the Office of the Comptroller of the Currency or the Federal Deposit Insurance Corporation . Becoming a bank holding company makes it easier for the firm to raise capital than as a traditional bank. The holding company can assume debt of shareholders on
6006-401: The orphans at St. Mary's, delivering children to the Canfield Asylum, and taking soup and medicine on house calls to patients. Between September 9 and October 4, Sister Constance and three other nuns fell victim to the epidemic and died. They later became known as the Martyrs of Memphis. At long last, on October 28, a killing frost struck. The city sent out word to Memphians scattered all over
6097-617: The other's ATMs without charge during the process. The company operated three primary business units: Consumer Banking & Private Wealth Management, Wholesale Banking, and Mortgage. As of September 2016, SunTrust Bank operates 1,400 bank branches and 2,160 ATMs across including Alabama , Arkansas , Florida , Georgia , Maryland , Mississippi , North Carolina , South Carolina , Tennessee , Virginia , West Virginia , and Washington, D.C. The bank announced in 2018 that it will close its last five West Virginia branches, all in Kroger stores. On April 21, 2011, William H. Rogers Jr., began
6188-509: The poorer whites and blacks fundamentally made up the city and played the greatest role in rebuilding it. The epidemic had resulted in Memphis being a less cosmopolitan place, with an economy that served the cotton trade and a population drawn increasingly from poor white and black Southerners. The 1890 election was strongly contested, resulting in white opponents of the D. P. Hadden faction working to deprive them of votes by disenfranchising blacks . The state had enacted several laws, including
6279-416: The poverty and hardship it wrought, giving further credence to Memphis as a rough, shiftless city. Leading up to the outbreak in 1878, it had suffered two yellow fever epidemics, cholera , and malaria , giving it a reputation as sickly and filthy. It was unheard of for a city with a population as large as Memphis's not to have any waterworks; the city still relied for supplies entirely on collecting water from
6370-478: The publisher's summary of L.B. Wrenn's study of the period, "This centralization of political power in a small commission aided the efficient transaction of municipal business, but the public policies that resulted from it tended to benefit upper-class Memphians while neglecting the less affluent residents and neighborhoods." The city installed a revolutionary sewer system and upgraded sanitation and drainage to prevent another epidemic. Pure water from an artesian well
6461-408: The remains of Confederate General and Ku Klux Klan leader Nathan Bedford Forrest were removed from a Memphis park. On January 7, 2023, after a routine traffic stop, five African American police officers brutally beat a 29-year-old African American man, Tyre Nichols . Nichols died from his injuries in the hospital three days later. Officer body cam footage and local surveillance cameras captured
6552-403: The requirement of poll taxes , that made it more difficult for them to register to vote and served to disenfranchise many blacks. Although political party factions in the future sometimes paid poll taxes to enable blacks to vote, African Americans lost their last positions on the city council in this election and were forced out of the police force. (They did not recover the ability to exercise
6643-424: The river and rain cisterns, and had no way to remove sewage. The combination of a swelling population, especially of lower and working classes, and abysmal health and sanitary conditions made Memphis ripe for a serious epidemic. Kate Bionda, an owner of an Italian "snack house", died of a fever on August 13, 1878. Hers was officially reported by the Board of Health, on August 14, as the first case of yellow fever in
6734-495: The servicing standards set up by the 2012 National Mortgage Settlement (NMS) with the five largest banks. In September 2015 SunTrust laid off one hundred IT professionals with a controversial severance agreement clause by SunTrust that required laid-off employees to be available to help without pay for a period of two years. On October, 23rd Suntrust reversed course and removed the clause: "to make myself reasonably available to SunTrust regarding matters in which I have been involved in
6825-556: The shareholder number was 300), at which point the bank holding company is forced to register with the Securities and Exchange Commission . There are also added expenses of operating with an extra layer of administration. As a result of the 2007–2008 financial crisis , many traditional investment banks and finance corporations such as Goldman Sachs , Morgan Stanley , American Express , CIT Group and GMAC (now Ally Financial ) converted to bank holding companies to gain access to
6916-929: The sixth largest U.S. lender, being the biggest bank deal since the 2007-2008 financial crisis . On December 6, 2019, the merger between BB&T and SunTrust closed, forming Truist Financial Corporation . On September 21, 1891, SunTrust's most direct corporate ancestor, the Trust Company of Georgia, was granted a charter by the Georgia General Assembly as the Commercial Travelers' Savings Bank of Atlanta. The founders were John M. Green, Joel Hurt , H. L. Atwater, W. A. Hansell, T. J. Hightower, J. G. Oglesby, J. D. Turner, John B. Daniel, Joseph Hirsch, Leon Lieberman, Louis Wellhouse, A. J. McBride, D. O. Dougherty, W. A. Gregg, W. W. Draper, A. C. Hook, W. T. Ashford, George W. Brooke, C. I. Branan, and C. D. Montgomery. In November 1893, it restructured as
7007-652: The stress of war and occupation and uncertainty about who was in charge, increasing tensions between the city's ethnic Irish policemen and black Union soldiers after the war. In three days of rioting in early May 1866, the Memphis Riots erupted, in which white mobs made up of policemen, firemen, and other mostly ethnic Irish Americans attacked and killed 46 blacks, wounding 75 and injuring 100; raped several women; and destroyed nearly 100 houses while severely damaging churches and schools in South Memphis. Much of
7098-401: The third-oldest state-chartered bank. It also bought Florida State Bank of Tallahassee, with which it had tried to merge with in 1973, when the economy soured. In May 1983, Sun announced a deal for Miami-based Flagship Bank Inc., with $ 3.3 billion in assets, that positioned Sun to be one of the Florida's largest bank holding companies. The Flagship deal was the seventh struck by Sun in less than
7189-462: The uncertain nature of their own claim to "whiteness"; they were trying to distinguish themselves from blacks in the underclass. The main fighting participants were ethnic Irish, decommissioned black Union soldiers, and newly emancipated African-American freedmen . Walker suggests that most of the mob was not in direct economic conflict with the blacks, as by then the Irish had attained better jobs, but were establishing social and political dominance over
7280-547: The world's largest spot cotton market and the world's largest hardwood lumber market, both commodity products of the Mississippi Delta. Into the 1950s, it was also the world's largest mule market. These animals were still used extensively for agriculture. Attracting workers from Southern rural areas as well as new European immigrants, from 1900 to 1950 the city increased nearly fourfold in population, from 102,350 to 396,000 residents. Racist violence continued into
7371-478: Was at the helm when Robinson-Humphrey commissioned the building of the bold Atlanta Financial Center in city's tony Buckhead business district in the early 1980s. In 1982, Martin sold Robinson-Humphrey to American Express , which was then run by another Atlanta deal maker and fellow Georgia Tech grad, James Robinson (no relation to Roby Robinson). Under AmEx, the firm operated as part of Shearson Lehman Brothers Inc. In 1993, deal maker Sandy Weill orchestrated
7462-522: Was contested by European settlers as Memphis developed. By 1819, when modern Memphis was founded, it was part of the United States territory. John Overton , James Winchester , and Andrew Jackson founded the city. Based on the wealth of cotton plantations and river traffic along the Mississippi, Memphis grew into one of the largest cities of the Antebellum South . After the Civil War and
7553-439: Was discovered in the 1880s, securing the city's water supply. The commissioners developed an extensive network of parks and public works as part of the national City Beautiful movement , but did not encourage heavy industry, which might have provided substantial employment for the working-class population. The lack of representation in city government resulted in the poor and minorities being underrepresented. The majority controlled
7644-429: Was elected Coca-Cola's president, a title he would hold until 1954 and was a board member until 1984. As a result, SunTrust owned 48.3 million shares (3.58%) of Coke as of 2006, which had a GAAP cost basis of $ 110,000. In addition, the original copy of the formula for Coca-Cola was stored in a safe deposit box of an eventual SunTrust location in Atlanta (originally a Trust Company Bank location) from 1925 to 2011. It
7735-413: Was established there and is a Smithsonian affiliate institution. Since the civil rights era, Memphis has become one of the nation's leading commercial centers in transportation and logistics . The largest employer is FedEx , which maintains its global air hub at Memphis International Airport . In 2021, Memphis was the world's second-busiest cargo airport. The International Port of Memphis also hosts
7826-548: Was eventually moved to a purpose built vault in the World of Coca-Cola , also in Atlanta. Over the years, Coca-Cola executives would sit on SunTrust's board of directors and SunTrust execs would sit on Coca-Cola's board. SunTrust started to divest Coke shares in May 2007, when it sold 4.5 million, or 9% of its position. In 2008, the bank sold another 10 million shares, donated 3.6 million to SunTrust's charitable foundation, and crafted
7917-421: Was forced to move away from the city. But she continued to investigate and publish the abuses of lynching . Businessmen were eager to increase the city population after the losses of 1878–79, and supported the annexation of new areas; this measure was passed in 1890 before the census. The annexation measure was finally approved by the state legislature through a compromise achieved with real estate magnates, and
8008-474: Was founded as a municipal bond shop by Roby Robinson in 1894. Robinson and William G. Humphrey, a bond trader from Toledo, Ohio, eventually incorporated The Robinson-Humphrey Co. in 1902. It blossomed into the leading investment banking firm in the South under Chairman Justus Martin Jr., who helped broaden its ties to Atlanta corporations, European clients and the firm's wealthy families who were brokerage clients. Martin
8099-849: Was founded in 1811. In 1988, Suntrust was added to the S&;P 500 Stock Price Index. In 2001, SunTrust purchased the institutional businesses of the Robinson-Humphrey Company, LLC. creating SunTrust Robinson-Humphrey. The company bought Memphis -based National Commerce Financial Corporation (NCF) for $ 7 billion in 2004. The bank operated as National Bank of Commerce in South Carolina, Tennessee, Mississippi, Arkansas, Alabama, Georgia, Virginia, and West Virginia and as Central Carolina Bank and Trust in North Carolina. This acquisition allowed SunTrust to enter Alabama,
8190-534: Was to separate the poor from the city and isolate them in refugee camps. The Howard Association, formed specifically for yellow fever epidemics in New Orleans and Memphis, organized nurses and doctors in Memphis and throughout the country. They stayed at the Peabody Hotel , the only hotel to keep its doors open during the epidemic. From there they were assigned to their respective districts. Physicians of
8281-420: Was used until the 2020 season when it was renamed Truist Park . The Robinson-Humphrey Company, one of Atlanta's oldest and important companies, was acquired by SunTrust in 2001. However, SunTrust had long coveted Robinson-Humphrey, reportedly having pursued it for more than 80 years. Trust Company of Georgia, the oldest progenitor of SunTrust, was rebuffed in an effort to buy Robinson-Humphrey in 1917. The firm
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