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FLAGLER BANK, SUNTRUST PLAN MERGER

 FLAGLER BANK, SUNTRUST PLAN MERGER
 WEST PALM BEACH, Fla., Oct. 23 /PRNewswire/ -- Thomas E. Rossin,


president and chief executive officer of The Flagler Bank Corporation (NASDAQ: FLGLA), parent holding company of Flagler National Bank, has announced that Flagler and SunTrust Banks, Inc. (NYSE: STI) have entered into a definitive agreement that provides for the merger of Flagler into SunTrust.
 SunTrust Banks, Inc. is an Atlanta-based regional bank holding company operating in the Southeast.
 Under the plan, each share of common stock of Flagler would be exchanged for 0.5 share of SunTrust common stock. A total of 1,272,985 shares of SunTrust stock would be issued in the exchange. In connection with the agreement, SunTrust has been granted an option to acquire approximately 6 percent of the outstanding stock of Flagler under certain circumstances.
 It is anticipated that Flagler will become part of SunBank/South Florida, the SunTrust subsidiary based in Fort Lauderdale, Fla. Flagler National Bank, founded in 1974, has 15 banking locations in Palm Beach and Martin counties with total assets of approximately $450 million. The transaction, which is subject to several conditions including approval by Flagler shareholders and regulatory authorities, is expected to require several months for completion.
 -0- 10/23/92
 /CONTACT: Tom Rossin of The Flagler Bank Corporation, 407-659-2399, or James C. Armstrong of SunTrust Banks, 404-588-7425/
 (FLGLA STI) CO: The Flagler Bank Corporation; SunTrust Banks, Inc. ST: Florida, Georgia IN: FIN SU: TNM


BN-BR -- AT001 -- 4000 10/23/92 08:53 EDT
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Publication:PR Newswire
Date:Oct 23, 1992
Words:249
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