SunTrust Provides FDIC With Banking Transaction Aid

SunTrust Banks, Inc. 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

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SunTrust Banks, Inc. 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 30 March for a four-week transition period after which the branches will be closed.

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.

“We are pleased to be in a position to support the FDIC in its effort to resolve a problematic situation,” says William H. Rogers, Jr., president, SunTrust Banks, Inc. “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.”

“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.”

L.D.

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