SunTrust Bank Accounting Questions?
Statistical analysis of SunTrust Bank (STI) accounting practices may be reflecting a heightened corporate integrity risk. The chart below reflects an independent audit report regarding SunTrust Bank. The future of SunTrust is still up in the air with revived Citi merger reports and questions regarding SunTrust’s corporate integrity.
Low scores in corporate ratings reflect a strong potential for future litigation against SunTrust.
William R Reed Jr. works as CEO of National Commerce Financial and about 2003, NCF merges with SunTrust and Reed comes along with the deal. Reed’s compensation in 2008 totaled nearly $3.4 million and in 2009 Reed retires. SunTrust has Reed hold his tongue about SunTrust , agree not to compete, not to solicite employees and Reed has to agree to “waive any claims he may have against the company”. Yet, SunTrust wants to hire Reed as a consultant for $62,500. per quarter and pay him $100,000 on September 1, 2011.
Thomas E. Panther is SunTrust’s Chief Accounting Officer. Maybe time to check him out more and review his numbers. It appears on August 11, 2009 Mr. Panther received 3,600 shares of SunTrust Bank Common Stock plus Mr. Panther appears to have a little over $1 million in a 401k. Prior to the 3,600 new shares added to his portfolio, Mr. Panther owned 1,800 shares. Is nearly tripling Mr. Panther’s stock shares in SunTrust a reward for his accounting competencies?
The chart below reflects what SunTrust’s loan portfolio reflects.