ATLANTA, March 27 /PRNewswire-FirstCall/ -- SunTrust Banks, Inc. announced today that it has agreed to assist the Federal Deposit Insurance Corporation (FDIC) as it works through the closing of Omni National Bank, headquartered in Atlanta.
Specifically, SunTrust has received from the FDIC approximately $400 million in FDIC-insured deposits of Omni National Bank of Atlanta. SunTrust will provide banking services to former Omni National Bank customers, including staffing Omni Bank's six branches beginning on Monday, March 30 for a four-week transition period after which the branches will be closed. Omni operated two branches in Georgia (Atlanta and Dalton), and one branch in each of the following cities: Tampa, Fla., Houston and Dallas, Texas, and Chicago, Ill.
"We are pleased to be in a position to support the FDIC in its effort to resolve a problematic situation. This announcement broadly reflects our interest in helping stabilize our industry. In addition, it underscores our commitment to the Florida and Georgia markets in which we operate," said William H. Rogers, Jr., President of SunTrust Banks, Inc. "We certainly look forward to establishing relationships with former Omni Bank clients in Tampa, Atlanta and Dalton, and we are pleased to offer our assistance to former Omni Bank clients in Texas and Illinois as they transition their banking relationships to new institutions."
SunTrust will be offering special promotions on selected products for former Omni Bank clients in Georgia and Florida transitioning to SunTrust accounts. SunTrust representatives will be available in the former Omni Bank branches throughout the 30-day transition period to assist clients in moving to SunTrust products or, in the case of the Illinois and Texas branches, moving their funds to another institution.
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 December 31, 2008, SunTrust had total assets of $189.3 billion and total deposits of $113.4 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 suntrust.com.
