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Merger • Financial Services

SunTrust Banks Acquires National Commerce Financial

On May 9, 2004, SunTrust Banks acquired financial services company National Commerce Financial for 7.0B USD

Acquisition Context
  • This is SunTrust Banks’ 7th transaction in the Financial Services sector.
  • This is SunTrust Banks’ 2nd largest (disclosed) transaction.
  • This is SunTrust Banks’ 8th transaction in the United States.
  • This is SunTrust Banks’ 3rd transaction in Tennessee.

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M&A Deal Summary
Date May 9, 2004
Target National Commerce Financial
Sector Financial Services
Buyer(s) SunTrust Banks
Deal Type Merger
Deal Value 7.0B USD
Advisor(s) UBS Investment Bank
J.P. Morgan Securities (Financial)
Wachtell, Lipton, Rosen & Katz
Bass, Berry & Sims (Legal)

Target Company

National Commerce Financial

Memphis, Tennessee, United States
National Commerce Financial Corporation, headquartered in Memphis, Tennessee, is a sales and marketing organization that delivers select financial and consulting services through a national network of banking and non-banking affiliates. With $23 billion in assets, NCF operates almost 500 branches in 14 of the nation's fastest growing metropolitan areas throughout the southeast.
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Buyer Overview 1

Buyer

SunTrust Banks

Atlanta, Georgia, United States
Category Company
Founded 1891
Sector Financial Services
Employees24,043
Revenue 8.9B USD (2017)
DESCRIPTION

SunTrust Banks, Inc. is a financial services company. SunTrust has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of December 31, 2018, SunTrust had total assets of $216 billion and total deposits of $163 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services.

Deal Context for Buyer #
Overall 8 of 10
Sector: Financial Services 7 of 9
Type: Merger 1 of 1
State: Tennessee 3 of 3
Country: United States 8 of 10
Year: 2004 2 of 2
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-04-13 Seix Investment Advisors

Upper Saddle River, New Jersey, United States

Seix Investment Advisors LLC, provides core, core plus, high yield and customized fixed income solutions to institutional clients including endowments, foundations, corporations, healthcare organizations, municipalities, public funds, associations, insurance companies, labor unions and high net worth individuals.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-23 FirstAgain

San Diego, California, United States

FirstAgain LLC, is a provider of direct unsecured loans to super-prime borrowers via the Internet. It has developed and operates proprietary technology which offers clients a completely digital and paperless origination, underwriting and servicing experience.

Buy -

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