Friday, July 12, 2013

SunTrust Banks relocates corporate banking headquarters to Charlotte

SunTrust Banks already is building one type of headquarters in Charlotte. Now, it's adding another.

The Atlanta-based bank said it has relocated its Mid-Atlantic corporate banking operation from Richmond, Va., to Charlotte, which is home to a SunTrust regional headquarters building under construction in SouthPark.

For now, the relocated corporate banking operation is in 6836 Morrison Blvd., where SunTrust has other bank operations, said Jason Cagle, head of the Mid-Atlantic division, which stretches from Maryland to South Carolina.

The corporate banking unit and the other operations in the Morrison Boulevard location will relocate to the new headquarters building when it is finished.

The corporate banking relocation comes as the bank is trying to expand in Charlotte and the Carolinas.

The bank has had a presence in North Carolina since 2004. In Mecklenburg County, it has 19 branches, according to federal data, but it wants to add more. SunTrust has 0.37 percent of the deposits in the county, putting it in sixth place.

"North and South Carolina is the one spot in our footprint where we historically have had not a very focused calling effort on corporate clients," Cagle said. "This clearly is our biggest opportunity for market share." 

The Mid-Atlantic division pursues public and private companies that have more than $200 million in annual revenue.

Cagle said he will divide his time between Charlotte and Richmond.

Richmond's corporate banking team, which is made of roughly 10 people, is not being relocated to Charlotte, Cagle said. In Charlotte, the bank's corporate banking operation employs about six, he said. 

"Hiring talent in both Charlotte and Richmond are a big priority for SunTrust right now," he said. "In the last six months ... we've added nine new corporate banking teammates to our downtown Richmond office. And we actually plan to add even more over the coming months so that we can continue to serve our clients in Virginia and D.C."


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