SunTrust Announces Latest Steps in Ongoing Shareholder Value Program

ATLANTA, June 15 /PRNewswire-FirstCall/ -- In the latest steps in the Company's previously announced -- and ongoing -- program to enhance shareholder value by pursuing specific productivity and efficiency-related initiatives, SunTrust Banks, Inc. announced today the implementation of a new strategy for its corporate-owned real estate, along with a internally focused streamlining within the Company's geographic banking organization.

"In addition to helping achieve efficiency goals, the developments we are announcing today support SunTrust's strong and uninterrupted commitment to local markets and customers," noted William R. Reed, Jr., SunTrust Vice Chairman in charge of its geographic banking organization. "They also reflect our intent to maintain the locally driven operating model which has served us well for many years and which our customers tell us represents a distinct competitive advantage in the marketplace."

In the real estate area, SunTrust said it will employ a sale and leaseback strategy involving approximately 475 facilities throughout its Southeastern and Mid-Atlantic banking footprint. Specifically, SunTrust is marketing 48 office buildings as well as a portfolio of an estimated 425 retail branches to developers, brokers, real estate investment trusts and other institutional investors. No branch closures are planned as part of this initiative.

Mr. Reed said the real estate strategy will lower overall occupancy expense and allow the Company to reduce underutilized office space, with "essentially no visible impact on clients or most employees." He emphasized that "all branches involved in the program will continue to operate as SunTrust branches" and while the Company expects to consolidate some space in selected office buildings, it will also maintain "a significant presence for an extended period of time" in the office buildings after any transactions are completed.

Separately, Mr. Reed said that streamlining the administrative structure of its geographic banking organization, a largely internally focused move, represents the first phase of a Company-wide "Organizational Review" announced in January and that is currently underway.

"From a customer and community perspective, it is important to note there is absolutely no change in SunTrust's strategy, operating model and commitment to local executive leadership, decision making and community involvement," Mr. Reed said. "As a result of the moves announced today, and additional steps we will communicate in the future, we will operate more efficiently internally without missing a beat as we continue to deliver "big bank" products and services through the leadership and client sensitivity of local teams."

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 March 31, 2007, SunTrust had total assets of $186.4 billion and total deposits of $123.4 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 customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides credit cards, mortgage banking, insurance, brokerage, equipment leasing and capital markets services. SunTrust's Internet address is http://suntrust.com/.

Editors Note:

Below is a list of SunTrust office properties, which will be marketed separately. As noted in the press release, SunTrust prefers to offer the sale/leaseback of the retail branch buildings in one portfolio. Specific branch locations were not disclosed. Real estate investors with questions concerning this offering may contact Susan Gallienne, Senior Vice President, SunTrust Bank, at realestate@suntrust.com or at 804-782-5170. Requests should include the company name, address, office phone number, fax number, email address, and contact name.

Location Address City Alabama Florence 201 South Court Street Florence District of Columbia Washington Main 1445 New York Avenue N.W. Washington Florida Bushnell 107 Bushnell Plaza Bushnell 56th Street Office 6925 North 56th Street Tampa Lauderdale by 221 Commercial Lauderdale-by- the Sea Boulevard the-Sea Hollywood 2001 Hollywood Hollywood Boulevard Coral Ridge 2626 East Oakland Fort Park Blvd. Lauderdale Miracle Mile 100 Miracle Mile Coral Gables Bal Harbour 9600 Collins Avenue Bal Harbour Sun Square, 900 North 14th Street Leesburg Leesburg So. Orange Ave 200 S Orange Avenue Orlando Holly Hill 1510 Ridgewood Avenue Holly Hill Maitland 253 North Orlando Maitland Avenue Viera 8226 North Wickham Melbourne Road Ocala Main 203 East Silver Ocala Springs Blvd. SunTrust Plaza - 5080 Newberry Road Gainesville Gainesville Georgia Rockmart Office 500 East Elm Street Rockmart Rome Main Office 100 East Second Rome Avenue Columbus Main 1246 First Avenue Columbus Office Macon 606 Cherry Street Macon Albany Main 410 West Broad Avenue Albany Office Douglas Main 201 South Peterson Douglas Office Avenue Brunswick Main 510 Gloucester Street Brunswick Office 121 Perimeter 121 Perimeter Center Atlanta West North x Northwest The Exchange Atlanta Highway 138 Ops 1530-B Highway 138, Conyers Bldg South Highway 138 1530 Highway 138, Conyers Branch South EE Butler- 121 E.E. Butler Gainesville Parkway Gainesville Maryland Bethesda Main 7500 Wisconsin Avenue Bethesda Office Bel Air 221 South Main Street Bel Air North Carolina Oak Hollow 1301 Eastchester High Point Village Drive North Wilkesboro 924 Main Street N. Wilkesboro Salem Group 2140 Country Club Road Winston-Salem Six Forks 3620 Six Forks Road Raleigh 507 West Innes St 507 West Innes Street Salisbury Tennessee Pulaski Main 222 West Madison Street Pulaski Chattanooga 736 Market Street Chattanooga Lenoir City 530 Highway 321 North Lenoir City Colonial Square 400 West Main Street Morristown West Town 7616 Gleason Drive Knoxville Murfreesboro 201 East Main Street Murfreesboro Main Office Virginia Martinsville 134 East Church Street Martinsville Main Office Lynchburg Main 1010 Main Street Lynchburg Office Staunton Main 2-14 Beverly Street Staunton Office Technology 1030 Wilmer Avenue Richmond Center Richmond Main 919 East Main Richmond Volvo Parkway 100 Volvo Parkway Chesapeake Manassas 8571 Sudley Road Manassas