SunTrust Bank Falling
SunTrust Bank is Falling
By: Detective Krum
SunTrust bank is falling and we have cautioned our readers they may need to be prepared to move their funds out of SunTrust . SunTrust has tried to sugar coat their position and have issued their earnings report however, you need to read between the lines and look at the evidence. I posted here how SunTrust Bank was trying to deceive depositors by placing a flyer in branches showing how strong they are as a bank. But the information they put on the flyer was outdated by a whole year. Remember, last year at this time the stock market was around 14,000 and at an all time high. Is it a wonder SunTrust used last years figures on the flyer they past out a few short weeks ago, in 2008 misleading customers?
As of October 10, 2008 – let’s see where SunTrust is:
Now a 17 point drop in 7 days is not good. SunTrust has a lot of mortgage exposure and with the recent purchase of GB&T in May 2008 provided even more exposure in real estate. SunTrust has lowered their interest rate from 5.00% to 4.50% .
SunTrust Banks was covered in a Bloomberg Report and S&P gives SunTrust Banks a negative.
When a local bank fails, I don’t personally think it is necessarily good however it depends on their balance sheet and where their assets are placed. But SunTrust deliberately tried to deceive customers which is unconscionable. SunTrust needs to be straight with their customers and provide a public apology. I would even accept one here.
You can check your bank out here. Or you can leave a comment or email.
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