Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  SunTrust Banks, Inc.    STI

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

SunTrust Banks, Inc. : April 17, 2012 SunTrust Selected for New Markets Tax Credit Allocation

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/17/2012 | 10:10pm CEST

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.

distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on SUNTRUST BANKS, INC.
06/22 SUNTRUST BANKS INC : Regulation FD Disclosure (form 8-K)
06/22 SUNTRUST BANKS, INC. (NYSE : STI) Files An 8-K Regulation FD Disclosure
06/20 SUNTRUST BANKS : Announces Financial Confidence Tour Inspiring Americans to Take..
06/16 SUNTRUST BANKS : Pledges Ongoing Commitment to Diversity & Inclusion
06/14 SUNTRUST BANKS : Bank Increases Prime Rate
06/08 SUNTRUST BANKS : to Announce Second Quarter 2017 Earnings Results Friday, July 2..
05/26 SUNTRUST BANKS : Agrees to Fed Consent Order
05/26 SUNTRUST BANKS, INC. : ex-dividend day
05/22 Suntrust Banks Inc. Lowers Stake in American Airlines Group Inc (AAL)
05/20 BLACKROCK GLOBAL OPPORTUNITIES EQUIT : Seizert Capital Partners LLC Holds Positi..
More news
Sector news : Banks - NEC
02:40a WARREN BUFFETT : 'Bailout' Buffett burnishes 'lender of last resort' image
06/22 ALLIED IRISH BANKS : Irish finance minister 'very happy' with AIB IPO after book..
06/22 BNP PARIBAS : to cut jobs in revamp of French retail banking arm
06/22DJMalaysia's Permodalan Nasional Plans IPO of Highway Business
06/22DJPERMODALAN NASIONAL : It Is Probably the Right Time for Proposed Merger of AMMB ..
More sector news : Banks - NEC
News from SeekingAlpha
06/22 Market Is Divided Between Growth And Value - Cramer's Mad Money (6/21/17)
06/22 Here come the Fed's stress tests
06/16 DIVIDEND CHALLENGERS (AND NEAR-CHALL : 50 Increases Expected By The End Of Augus..
06/16 THE MARKET IS DELUSIONAL : Earnings Growth Rates Are Dramatically Overstated
06/09 Banks rally again - up more than 5% for the week
Advertisement
Financials ($)
Sales 2017 9 218 M
EBIT 2017 2 927 M
Net income 2017 1 946 M
Debt 2017 -
Yield 2017 2,05%
P/E ratio 2017 13,92
P/E ratio 2018 12,40
Capi. / Sales 2017 2,90x
Capi. / Sales 2018 2,74x
Capitalization 26 731 M
More Financials
Chart SUNTRUST BANKS, INC.
Duration : Period :
SunTrust Banks, Inc. Technical Analysis Chart | STI | US8679141031 | 4-Traders
Full-screen chart
Technical analysis trends SUNTRUST BANKS, INC.
Short TermMid-TermLong Term
TrendsNeutralBearishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 61,3 $
Spread / Average Target 11%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
William Henry Rogers Chairman & Chief Executive Officer
Aleem Gillani Chief Financial Officer & Executive Vice President
Anil T. Cheriyan Chief Information Officer & Executive VP
Phail Wynn Independent Director
M. Douglas Ivester Lead Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
SUNTRUST BANKS, INC.0.80%26 930
JP MORGAN CHASE & COMP..0.96%310 941
WELLS FARGO-3.87%267 157
INDUSTRIAL AND COMMRCL..14.29%256 533
BANK OF AMERICA4.66%233 770
CHINA CONSTRUCTION BAN..13.42%222 908
More Results