ATLANTA, Dec. 12 /PRNewswire-FirstCall/ -- SunTrust Banks, Inc.
(NYSE: STI) today announced it has signed an agreement with Atlanta-based
InfiCorp Holdings, Inc. for issuing consumer credit cards.
Under terms of the agreement, InfiCorp will market, originate and service
SunTrust-branded cards starting in the first quarter of 2007, focusing on
SunTrust clients. SunTrust will be engaged in the underwriting process for
the new cards, and have the option to purchase card assets for its own loan
"This move perfectly addresses SunTrust's strategic, financial and product
considerations in an evolving credit card environment," noted C. Gene Kirby,
SunTrust corporate executive vice president in charge of its Retail Banking
line of business. "InfiCorp has a solid track record in providing an
effective and efficient turn-key solution with the flexibility to tailor its
services in line with our comprehensive payments strategy. We are delighted
to have them as a partner."
Mr. Kirby said that decisions as to the possible addition of consumer
credit card assets in the future will be made as part of SunTrust's ongoing
priority of maintaining a "well balanced" total loan portfolio that continues
to meet optimal risk and return standards under varying economic scenarios.
In October 1999, SunTrust entered into an agreement with MBNA Corporation
that expires in January 2007 under which MBNA purchased SunTrust's consumer
credit card portfolio and marketed personal card products and services to the
bank's customers. The business, corporate and purchasing card portfolios were
not part of that transaction and continue to be maintained by SunTrust.
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 September 30, 2006, SunTrust had
total assets of $183.1 billion and total deposits of $124.4 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 suntrust.com
InfiCorp Holdings, Inc. is a wholly owned subsidiary of First National of
Nebraska, a financial services holding company located in Omaha, Nebraska.
With nearly $16 billion in managed assets and over 7,000 employees, First
National of Nebraska is one of the fifty largest bank holding companies in the
United States, serving over 6.6 million customers in all 50 states. First
National Bank of Omaha, InfiCorp's sister company, is the fifth largest
in-house credit card processor, the sixth largest merchant processor, a top
ten commercial card issuer, the twelfth largest issuer of bank credit cards in
the United States, and provides comprehensive credit card portfolio management
services to approximately 700 financial institutions across the nation.
InfiCorp's internet address is: www.InfiCorp.com
SOURCE SunTrust Banks, Inc.
CONTACT: Hugh Suhr of SunTrust Banks, Inc., +1-404-827-6813