FOX Translator
No data currently available.
No data currently available.
In the wide and varied family of the thousands and thousands of funds out there, the exchange-traded fund is one of the more consumer-friendly ones.
Unlike mutual funds, exchange-traded funds, or ETFs, behave more like stocks. You can buy
into an ETF at any time, and sell it whenever you feel like it. And like a stock, an ETF's value can rise and fall--depending
on what the ETF is invested in.What do ETFs invest in? Well, they're typically linked to an index like the Dow Jones Industrial
Average or the S&P 500. So, if you had an ETF that trades the same companies that make up the Dow or the S&P, it will
rise and fall in value pretty much the same amount as the Dow or S&P.
You can also buy ETFs that invest in other
types of products, like bonds, currencies, gold or other commodities. The ETF market has grown considerably in the past few
years, so there is no shortage of ETFs to invest in.
Home / Markets / Industries / Finance
Friday, August 01, 2008
SunTrust Acquires Insured Customer Deposits of First Priority Bank from FDIC
Comtex
ATLANTA, Aug 01, 2008 /PRNewswire-FirstCall via COMTEX/ ----SunTrust Banks, Inc. (NYSE: STI) 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 will be transitioned to SunTrust accounts with clients ultimately enjoying access to SunTrust's robust Southwest Florida branch network and its more than 1600 other branches throughout the Southeast and Mid-Atlantic states.
"Today's announcement underscores that despite the challenges facing all banks today, the current environment also presents opportunities for strong institutions like SunTrust to expand our client base," said James M. Wells III, SunTrust Chairman, President and CEO. "In addition, we are pleased to be in a position to support the FDIC in its effort to resolve a problematic situation while also offering former First Priority customers the advantages of banking with SunTrust."
During the transition period, SunTrust will work with First Priority's approximately 50 employees to identify possible job opportunities within SunTrust.
"We look forward to welcoming First Priority customers, and soon offering them the channels, choices and convenience enjoyed by existing SunTrust customers," said Margaret L. Callihan, chairman, president and CEO of SunTrust Bank, Southwest Florida. She noted that pending completion of the transition period, First Priority customers should continue to conduct their banking at their usual branch location.
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 June 30, 2008, SunTrust had total assets of $177.4 billion and total deposits of $119.8 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 mortgage banking, insurance, brokerage, investment management, equipment leasing and capital markets services. SunTrust's Internet address is suntrust.com.
SOURCE SunTrust Banks, Inc.
http://www.suntrust.com
Copyright (C) 2008 PR Newswire. All rights reserved ********************************************************************** As of Monday, 07-28-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated an UPTREND on 07-18-2008 for STI @ $34.40. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
Market Snapshot
| Symbol | Last Price | Netchange | Volume |
|---|---|---|---|
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
