SunTrust Banks Completes Acquisition of Peoples State Bank

Strategic Insights -

SunTrust Banks, a regional bank holding company, has announced the completion of its acquisition of Peoples State Bank, a $124 million asset institution based in New Port Richey. The merger will bring the total number of offices in Pasco, Citrus, and Hernando counties to 30 and strengthen SunBank's presence in the West Pasco market. The acquisition marks a significant expansion for SunBank and Trust Company, a subsidiary of SunTrust Banks, which has been serving the Nature Coast since 1905. The combined entity will operate under the common name "SunTrust Bank" beginning this fall.

Key Takeaways:

  • SunTrust Banks has completed the acquisition of Peoples State Bank, a $124 million asset institution with four offices in New Port Richey.
  • The merger will increase SunBank's presence in the West Pasco market and bring the total number of offices in Pasco, Citrus, and Hernando counties to 30.
  • SunBank and Trust Company, a subsidiary of SunTrust Banks, has a rich history dating back to 1905, serving the Nature Coast of Florida.
  • The acquisition will expand SunTrust Banks' presence in the tri-county market area, with a collective presence in Florida, Georgia, Tennessee, and Alabama.
  • The combined entity will operate under the common name "SunTrust Bank" beginning this fall.
  • James H. Kimbrough, Chairman and CEO of SunBank and Trust Company, expressed confidence in the future of the combined entity, stating, "Our future is bright throughout the tri-county market area, and especially now in West Pasco with the Peoples State Bank team joining our SunBank family."

Statistics:

  • Peoples State Bank had assets of $124 million.
  • SunBank and Trust Company had assets of $1.1 billion.
  • The combined entity, SunTrust Bank, is expected to have over 650 offices in Florida, Georgia, Tennessee, and Alabama.
  • SunTrust Banks, Inc. has over $42 billion in assets.
  • SunBank and Trust Company is part of the 14-bank Florida network of SunBanks, Inc., which has assets over $20 billion and over 370 offices spanning the state.

Sources:

  • PRNewswire, "SunTrust Banks Completes Acquisition of Peoples State Bank" (May 12, 1995)
  • Sources reference: PRNewswire article, written anonymously.