ATLANTA, April 17, 2012 /PRNewswire via COMTEX/ --SunTrust
Banks, Inc. (NYSE: STI) was selected by the U. S. Treasury
Department's Community Development Financial Institutions
Fund earlier this year to receive $45 millionin
tax credit allocation authority in the 2012 round of the New
Markets Tax Credit (NMTC) Program. The Company's
subsidiary, SunTrust Community Capital, was one of 70
recipients receiving awards totaling $3.6
billion. This latest allocation to SunTrust is in
addition to $295 millionin previous rounds of
which SunTrust has deployed $243.9 million. This
is the fifth year SunTrust has been selected as a recipient.
The NMTC Program is designed to attract private-sector
capital investment into the nation's urban and rural
low-income areas to help finance community development
projects, stimulate economic growth and create jobs.
The award will allow SunTrust to continue to make loans and
investments with reduced interest rates and/or
non-traditional terms and conditions.
"SunTrust is extremely proud of its continuing success
in the New Markets Tax Credit industry, and we are hopeful
that Congress will extend the New Markets Tax Credit Program
to enable us to continue making these impacts for low-income
communities and low-income persons," said Chris
McGillis, President of SunTrust Community Capital,
LLC. "The program enhances our capabilities as a leading
provider of community development financial solutions to
clients throughout the Southeast and Mid-Atlantic. Our
clients' efforts, supported by this capital investment,
helps create jobs and solid economic opportunities in areas
of severe economic distress."
The NMTC program, established by Congress in December of
2000, permits individual and corporate taxpayers to receive a
credit against federal income taxes for making qualified
equity investments in investment vehicles known as Community
Development Entities (CDEs). The credit provided to the
investor totals 39 percent of the cost of the investment and
is claimed over a seven-year period. Substantially all of the
taxpayer's investment must in turn be used by the CDE to
make qualified investments in low-income communities.
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, 2011,
SunTrust had total assets of $176.9 billionand
total deposits of $127.9 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 clients 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 investment banking
services. SunTrust's Internet address is suntrust.com.
SOURCE SunTrust Banks, Inc.