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SunTrust Banks (STL) in Atlanta reported lower quarterly earnings after it agreed to settle claims over various mortgage-related practices.
October 18 -
SunTrust Banks (STI) has agreed to pay $1.5 billion to resolve claims of shoddy mortgage lending, servicing and foreclosure practices.
October 10 -
A third financial institution has come to an agreement with Freddie Mac to resolve claims that it issued problematic loans to the government-sponsored enterprise between 2000 and 2008.
October 2 -
SunTrust still wants to lower its efficiency ratio to 60%, but a mortgage slowdown and legal costs tied to alleged lending violations is making that goal harder to achieve.
October 18 -
SunTrust can rebound, but many wonder whether it will do so in time to overcome stiffening competition in the Southeast — or before a suitor arrives.
April 12
SunTrust Banks (STI) has agreed to sell RidgeWorth Capital Management, its asset management business, for $245 million.
The buyers are a group of RidgeWorth employees and outside investors led by the private-equity firm Lightyear Capital, the Atlanta-based SunTrust said in a news release Wednesday. The deal could be worth an additional $20 million beyond the $245 million sale price depending on the performance of certain RidgeWorth assets.
RidgeWorth manages about $50.6 billion, and has contributed about $25 million to SunTrust's net income through the first three quarters of 2013, the news release said.
"Lightyear Capital is an experienced partner that will help RidgeWorth build on its success in growing third-party assets, and we look forward to continuing our relationship with RidgeWorth as an independent asset management business," said Mark Chancy, a SunTrust wholesale banking executive, in the news release.
SunTrust expects the deal to close in the second quarter of 2014, pending regulatory approval and the consent of certain RidgeWorth clients.
The $172 billion-asset SunTrust has
SunTrust has tried to sell RidgeWorth before. In 2010, it said it was
Apart from the settlements, SunTrust