SunTrust Misleading Customers
By: Detective Krum
When I wrote about Florida banks that might fail, I listed ratings and suggested people check out their institutions. I never said SunTrust was going to fail, I just showed ratings Here and Here. It appears SunTrust Bank in Florida may be trying to comfort people regarding the financial stability of SunTrust Bank. Sun Trust has provided their customers with a flyer which is a reprint of a Florida Trend Magazine. The article is ranking trust banking firms and it shows SunTrust No.1. The problem with this move on SunTrust’s part?
1. The article is dated October 2007 - one year ago, before the bank failures surged.
2. Fails to show at about the same time last year, SunTrust was being considered for a possible buyout by CitiCorp see Here.
3. In August 2008 The Deal Book wrote of, ” Among the culprits was SunTrust Banks, the troubled Atlanta-based lender that must cope with the minefield that is the Southeast’s housing market.”
Would I write this report today had SunTrust not put out the flyer which has a tendency to mislead? Probably not. If SunTrust would have been honest with their customers, it might have been a different story.
Below you see a chart from Scottrade clearly showing SunTrust stock. Look at the notes by financial watchers at the bottom of the chart.
The article below was from last year at about the same time SunTrust was written up in Florida Trend. Then how was Florida Trend obtaining their information? Is Florida Trend reliable?