SunTrust Announces Resolution of Key Mortgage Matters

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Tuesday, 29 October 2013 12:30

SunTrust Banks, Inc. announced on October 10th the resolution of certain legacy mortgage matters, including the settlement of specific legal matters and agency mortgage repurchase claims. The company's third quarter results will be impacted by these matters, as well as other discrete items outlined below. In aggregate, these items will have a negative after-tax impact of $179 million, or $0.33 per share, on the company's third quarter earnings results.

"SunTrust is pleased to have resolved a number of legacy mortgage matters. These settlements reduce uncertainty, further improve our risk profile, and enhance our ability to focus on future growth," said William H. Rogers, Jr., chairman and chief executive officer of SunTrust Banks, Inc.

Headquartered in Atlanta, SunTrust is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. Its primary businesses include deposit, credit, and trust and investment management services. Through various subsidiaries, the company provides mortgage banking, insurance, brokerage, equipment leasing, and capital markets services. The company operates an extensive branch and ATM network throughout the Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The company also serves clients in selected markets nationally.

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