Suntrust targeted for takeover? (Atlanta, Fargo: real estate, mortgage, credit)

[uwinsumloosesum62]

Originally Posted by afonega1

this is something people have speculated for a while.im just surprised its a canadian banks that might be interest.
canadian banks may buy suntrust, zions in

where did you get your info from?

[afonega1]

Originally Posted by uwinsumloosesum62

where did you get your info from?

Atlanta Business Chronicle .I posted the link on the first post.

[bdawk]

Originally Posted by rcsteiner

Yup. A company is getting relatively large, is fairly well run, has fairly happy customers, and seems to have a good future. Time for a larger fatter company to eat it.

They didn't even repay their almost $5,000,000,000 of TARP money did they?

I'm not sure I consider that well run at all.

[arjay57]

Originally Posted by afonega1

Suntrust is the biggest of those banks that could be a target.I think BB&T would be more of a target because it could be a easier target for several reasons.(Cheaper,less opposition(maybe),still a good strategic position in the market)

Maybe this is something Suntrust would welcome. I'm certainly no businessman, but don't these things basically come down to whether a merger/takeover is a good deal for the shareholders? While I realize there are egos involved, if you're working for a publicly owned company your first duty has to be to the owners (i.e., the shareholders).

Who knows?

[cwkimbro]

My problem is my main account if with BoA... I'm not really a huge fan, but at the end of the day I travel alot and they are in most every major city I go to.

The other big banks that keep coming in... are ... well I dunno annoying in that they are big enough to lose the service you get, but not big enough to give the same near universal reach/access BoA has.

and yes Chase did buy Washington Mutual... It comes in close... but there are still more BoAs.

[RainyRainyDay]

Originally Posted by afonega1

I had a RBC(Royal Bank of Canada) account a couple of years ago here in Atlanta.I went to visit friends as I often do in Montreal.An issue arose with my account and I went to a branch in Montreal and I was told that it could not be resolved as the banks were not fully integrated so certain things could be done as I needed.I don't know if things have changed but the way the representative of the bank talked, there were no plans to change .

Right. My comment that a Suntrust takeover by BMO would be handy for me was facetious, really.

I think that banking regulations in both the US and Canada probably preclude any significant cross-border integration. This sometimes seems annoying from the customer perspective - like when the RBC in Montreal couldn't help with your US account, and when I moved down here and my excellent credit ratings in Canada (with the Canadian subsidiaries of our US credit agencies) counted for exactly zero with the US parent agencies down here.

However, from a broader perspective, would we really want bank or credit agency employees in another country to be able to access our records? In general, that doesn't sound like a good idea.

[rcsteiner]

Originally Posted by bdawk

They didn't even repay their almost $5,000,000,000 of TARP money did they?

I'm not sure I consider that well run at all.

Seem to be par for the course for Georgia banks:

Georgia banks have yet to repay TARP funds | Atlanta Business Chronicle

It also sounds like the choice isn't completely theirs, however.

[Newsboy]

Suntrust = Coca Cola.

The bank holds millions of Coke shares, going back to the days when it was Trust Company of Georgia and the underwriter for most all of Robert Woodruff's historic expansion. I even think the original Coke formula is locked in their vaults. I have always understood THAT is the reason they're still in ATL and nobody has been able to touch them. Acquisition by a Canadian bank seems highly problematic on that alone. Just as ATL's biz community rallied to keep Delta, I see the same thing happening to keep SunTrust.

As a very satisfied Suntrust customer, I'd hate to see them go anywhere. It's a GREAT bank. with fantastic customer service -- one of the last true Atlanta insitutuions (R.I.P. Rich's).

[blondandfun]

8 years in Atlanta and hundreds of interactions with tellers, and never a problem, except sometimes they give you an attitude if you don't fill the form out right. The form has not changed in the 8 years so that helps, but it is kind of nonsensical to me..

[bdawk]

Originally Posted by rcsteiner

Seem to be par for the course for Georgia banks:

Georgia banks have yet to repay TARP funds | Atlanta Business Chronicle

It also sounds like the choice isn't completely theirs, however.

The choice is not completely theirs?

Banks must first receive approval from regulators before repaying their TARP balances. Georgia’s banks have not yet obtained the go-ahead because they are still saddled with bad loans, said Jim Wheeler, a banking attorney with Morris, Manning & Martin LLP.
“Georgia banks are still in bad shape and there is still a lot of work to do,” Wheeler said.

It was their choice to make the bad loans in the first place. Their bad choices and decisions put them in this less than favorable position.

The terms were known when they chose to take the money.

The responsibility is completely theirs