SunTrust Banks Persuade Florida Trend Magazine

Detective Krum

SunTrust Banks Persuade Florida Trend Magazine

By: Detective Krum

It was Wednesday October 8, 2008 when SunTrust Banks provided a flyer to banking customers assuring customers, while Lehman Bros., Wachovia, and other institutions were failing, SunTrust was strong and secure. This flyer clearly mistates the current facts regarding SunTrust Banks as reported on Bloomberg and many other resources. Recently, Florida Trend Magazine printed a similar article in the October 2008 issue. The article lists top banks and trusts in Florida. Where Florida Trend Magazine acquired it’s information is questionable. Hers is one reason why: Florida Trend says SunTrust Bank is rated number 1 yet based on statistical bank information SunTrust Bank has a C- Rating. In addition, read the information on the chart here.

Excerpt Florida Trend Magazine October 2008

This is similar to the chart SunTrust passed out in their branches showing their ranking from Florida Trend Magazine. After verifying with Florida Trend Magazine, SunTrust Bank ordered 250 reprints in February 2008 of the October 2007 article showing SunTrust Banks number one. But in October 2008, SunTrust Banks distributed reprints of the 2007 article in their branches. Did SunTrust sit on the 250 reprint copies and wait until October 2008 to pass them out? or – did SunTrust run off a few extra copies of their own copy to distribute throughout their branches? According to Florida Trend Magazine, SunTrust ordered 2,500 reprint copies of the new October 2008 issue, this month.

When the economic issues escalated and more banks failed, SunTrust pulled out a flyer which had information from December 2006 but was printed October 2007 and SunTrust Banks used this same information in October 2008 to assure customers and depositors they were in a great position with over $49 million in assets. But the 5 year chart for SunTrust clearly shows they may have committed fraud by deliberately misleading customers. Here’s the chart:

SunTrust Bank Chart