SunTrust Sees Strong Deposit Growth in South Georgia
Wednesday, August 15th, 2012
The southern Georgia region of SunTrust is seeing much success in growing deposits, according to Jay Montgomery, president of SunTrust Bank, South Georgia. Deposit growth has come mostly from new clients – primarily small businesses and municipalities.
“We’ve gained a lot of new clients who are looking for help in managing their cash flows; we offer excellent treasury services,” Montgomery said.
Even as deposits have grown, loan demand continues to remain somewhat weak. With a flat domestic economy and the ongoing European debt crisis, many businesses continue to defer investments in new equipment or other capital expenditures. That means less demand for business loans.
“Despite the challenges presented by slower economic recovery, SunTrust remains very eager and interested in lending money to the consumers and businesses in our marketplace. In 2012, consumer lending production has increased substantially, and we are starting to see more activity on the commercial side,” Montgomery stated.
“We expect that we will continue to grow loans into 2013 by focusing on expanding relationships with current clients, as well as developing new relationships with prospective clients who are attracted by our competitive products and personal approach to providing client service,” emphasized Montgomery.
Based in Atlanta, SunTrust Bank provides deposit, credit, trust and investment services to a broad range of retail, business and institutional clients. The company has more than 1,641 full-service bank locations primarily in Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia and Washington, D.C. The bank’s holding company, SunTrust Banks, Inc., had total assets of $178.3 billion as of June 30, 2012.
Working in an Advisory Capacity
Rather than be an order taker, Montgomery believes the bank’s approach of working with clients in an advisory capacity differentiates it from the competition and provides the greatest value to clients. “We work to understand and anticipate our clients’ needs and provide solutions to help them achieve their goals,” he said.
One example of the business advisory services the bank provides is in the area of global trade. SunTrust helps businesses minimize the payment risk of buying or selling globally through a variety of solutions. In fact, SunTrust is the recipient of the 2011 SBA Export Lender of the Year award. This is the third straight year SunTrust has earned this honor.
In September the Albany market will host an event highlighting global trade in South Georgia. “We’re bringing in experts from around the state to participate in a panel discussion. Joining us will also be representatives from SunTrust’s dedicated Global Trade group in Atlanta,” Montgomery said.
The event is primarily for manufacturers, agribusinesses and others who are currently importing or exporting, and those who may be considering expanding into global trade for the first time. The event is also open to the public.
Providing the Latest Technology
SunTrust continues to invest in the latest in banking technology for its clients. In the past month, the bank installed deposit-image automated teller machines (ATMs) at all five Albany locations, and across its South Georgia footprint. Clients are able to make deposits without using a deposit ticket or envelope, and will receive a scanned image of the deposited item for confirmation.
“The deposit process is faster, and clients receive extended same-day deposit cut off time of 9:00 p.m.,” Montgomery said.
As a larger regional bank, SunTrust continuously looks for ways to enhance its products including its Treasury and Payments Solutions offerings. The product development team keeps a sharp eye on the latest technology, and uses the feedback from clients – formally gained through their client advisory board as well as ideas suggested by their sales force – to ensure what they’re offering meets the client needs in a user friendly way.
While others may offer similar technology may be similar, SunTrust believes its approach to providing solutions uniquely designed to meet specific client needs makes it unique.
“In addition to our broad suite of products and delivery channels, our clients have dedicated client servicing representatives who work with them one-on-one as needed,” Montgomery said.