Formerly serving as the dealer services relationship manager for SunTrust, Jay Montgomery covered his old stomping grounds of Atlanta where he grew up. “I mostly focused on car dealers and real estate previously, but I’m really glad to get back to commercial banking. Throughout most of my 29 years with SunTrust, my background has been in commercial banking serving the middle market,” Montgomery says. 

His 24 months as the South Georgia president have him covering the areas of Albany, Valdosta, Tifton, and the area along the Florida/Georgia state line. Across the board, he sees companies poised for growth in a variety of industries. “I’ve worked with many companies coming out of the recession and I am continuing to advise them about how to facilitate further growth,” Montgomery says.

Recently, Montgomery was able to help a construction client secure financing that will raise his revenue by 150 percent, and he’s eager to help other South Georgia companies accomplish progressive goals. “My vision for the region is to ensure that companies know SunTrust is a full service bank. Not only are we delivering quality retail mortgage and investments, but we understand business needs from small to large. For larger companies, we’re able to not only provide treasury needs like debts and deposits, but have in-depth discussions about mergers, acquisitions, raising capital and growth in general.” 

So what’s trending in his dealings with South Georgia business owners? “The big thing I’ve noticed and perceived going forward is potential ownership changes. Business owners are looking to monetize their business interests, so we help retiring owners transfer their ownership.” 

Montgomery notes several factors are contributors to this trend, including the many baby boomers reaching retirement age. Many have weathered the recent recession and are now focused on the future. “A large number of baby boomers have built businesses up and operated them for 30 years.” Montgomery is proud he has been able to help some of these transitions take place in creative ways, such as utilizing ESOP financing. “I worked with an owner who was 66 years old, ready to retired and had sons that weren’t interested in taking over the business.  We were able to do a dual transaction that helped two key employees buy the company from the owner, keeping the 50 employees employed while ownership remained in Albany. It was a great success story for everyone involved,” he says.

With the recent SunTrust business survey, Montgomery, like many CEOs across the state of Georgia, noticed that optimism is blossoming. “Companies want to take advantage of global opportunities. SunTrust is the only bank I know of that has a fully integrated global trade services team that’s able to provide export working capital, foreign buyer financing and foreign exchange hedging. We provide strategic ideas that in some cases can ultimately save them significant money. We provide the services and advise as necessary to enable our clients to do global business.”

Besides construction and manufacturing, Montgomery shares that the strongest industries currently in his region are related to agriculture, transportation, warehousing and specialty chemical companies. “Additionally, companies that are providing support or are directly related to a company with a large presence in Georgia, such as Verizon, Coca-Cola, etc., continue to do well.”

As with all SunTrust presidents, Montgomery and his team are involved with upholding SunTrust’s mission of ‘lighting the way to financial well-being.’ “I do my part by being the treasurer of the Dartin College Foundation and being part of the Boys and Girls Club. Our team is also dedicated to assisting with after school programs that help our youth learn about financial well-being so that they are prepared to take those next steps after high school,” says Montgomery.