SunTrust Bank is one of the largest banks in the US. In December 2019, SunTrust Banks, Inc., announced its merger with Winston-Salem based bank BB&T to from Truist Bank, which will be based in Charlotte, NC. Truist is now the nations 6th largest bank and serves around 10 Million consumer households nationally.
SunTrust Bank, like most banks, is an attractive net lease asset. Banks tend to build their reputation on longevity and trust. These factors lead to a low risk and long term tenant.
SunTrust Bank is a diversified financial services holding company whose businesses provide a range of financial services to consumer and corporate clients. The Company operates in three segments: Consumer Banking and Private Wealth Management, Wholesale Banking, and Mortgage Banking. Through its principal subsidiary, SunTrust Bank, the company offers a full line of financial services for consumers and businesses including deposit, credit, and trust and investment services. Additional subsidiaries provide mortgage banking, asset management, securities brokerage, and capital market services. SunTrust operates primarily within Florida, Georgia, Virginia, Maryland, and North Carolina. SunTrust provides clients with a selection of branch-based and technology-based banking channels, including the Internet, ATMs, and twenty-four hour telebanking.