ATLANTA, Dec. 4, 2017 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) today announced it has finalized the sale of the company's commercial lines insurance premium finance subsidiary, Premium Assignment Corporation (PAC), to IPFS Corporation. The sale was initially announced in September.
"We congratulate IPFS on the purchase of PAC, and wish our departing teammates well in their work with IPFS. This sale allows SunTrust to continue to focus on our core Wholesale banking businesses, while generating value for our shareholders," said Hugh S. (Beau) Cummins, III, Wholesale Segment executive at SunTrust.
Based in Tallahassee, Florida, PAC has $1.3 billion in assets as of September 30, 2017, and finances commercial lines insurance premiums in all 50 states. SunTrust acquired PAC via the 1994 purchase of Regional Investment Corporation, parent company of Andrew Jackson Savings Bank.
SunTrust Robinson Humphrey, Inc. and Colonnade Securities, LLC served as the financial advisors to SunTrust. Lazard served as the financial advisor to IPFS Corporation.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. Headquartered in Atlanta, SunTrust 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 September 30, 2017, SunTrust had total assets of $208 billion and total deposits of $163 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.
SOURCE SunTrust Banks, Inc.
For further information: Tom Crosson, 470-218-9178
Who is Premium Assignment?
Premium Assignment Corporation (PAC) is a Florida-based insurance premium finance company. With over 55 years in the industry, we have partnered with Imperial PFS as the largest premium financing company in the U.S. IPFS is a privately owned corporation headquartered in Kansas City, Missouri.
We are dedicated to providing you the technology that makes managing your premium finance operation easy. Our websites and digital tools provide some of the most user-friendly and advanced services in the industry.
We invite you to browse our website and see what PAC can offer you. Give us the opportunity to earn your business and we will.
Where are you licensed to do business?
PAC is licensed to do business in all 50 US states, Puerto Rico and the District of Columbia.
What makes PAC different from other premium finance companies?
We provide our Customers with the security of doing business with a stable, high-quality company that offers value-added service and superior, professional attention. The benefits of PAC and IPFS provide insurance agencies a superior service and insureds greater financial opportunities.
Does PAC offer competitive rates?
Given our recent transition over to Imperial PFS, we are now able to provide a more comprehensive service offering alongside legendary Customer service. This affiliation allows us to offer more creative financing solutions along with highly competitive rates.
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