SunTrust Acquires Insured Customer Deposits of First Priority Bank from FDIC (PR Newswire)

Friday August 1, 6:12 pm ET SunTrust Says Company 'Pleased to Support FDIC in Resolving Problematic Situation' ATLANTA, Aug. 1 /PRNewswire-FirstCall/ -- SunTrust Banks, Inc. (NYSE: STI - News ) announced today that it has acquired from the Federal Deposit Insurance Corporation (FDIC) approximately $225 million in FDIC-insured deposits of First Priority Bank of Bradenton, Florida. The FDIC separately announced today the closing of First Priority Bank by the Commissioner of the Florida Office of Financial Regulation. Under terms of an agreement with the FDIC, SunTrust will provide banking services to more than 4000 former First Priority customers, including operating First Priority Bank's six branches beginning on Monday, August 3 for a 90-day transition period. During the transition period, First Priority customer accounts... [read full story]