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SUNBANK, ANDREW JACKSON PLAN MERGER

 TALLAHASSEE, Fla., Sept. 23 /PRNewswire/ -- Regional Investment Fund, Ltd., Tallahassee and SunTrust Banks, Inc. (NYSE: STI), a regional bank holding company based in Atlanta, have announced a definitive agreement providing for SunTrust's subsidiary SunBanks, Inc. to acquire Regional Investment Corporation, parent of Andrew Jackson Savings Bank. The purchase price is $65.1 million. In addition, Regional Investment Corporation retains the right to receive up to $2.9 million in dividends, contingent upon 1993 earnings of Andrew Jackson.
 As of June 30, 1993, Andrew Jackson Savings Bank had total assets of $418.5 million, total loans of $357.5 million and total deposits of $305.3 million. In addition to banking and lending locations in Leon, Citrus, Hernando, Pasco, Alachua and Duval counties, Andrew Jackson Savings Bank has two subsidiaries, Premium Assignment Corporation and Baker Mortgage Loans, Inc.
 Under the agreement, Andrew Jackson Savings Bank branches will be merged with the SunBanks located in the same general geographic areas. It is anticipated that the transaction, which is subject to certain conditions including approval by regulatory authorities, will require several months to complete.
 SunBanks, Inc., is a statewide holding company, with $20 billion in assets and more than 350 offices. It is a subsidiary of SunTrust Banks, Inc., the regional bank holding company based in Atlanta.
 -0- 9/23/93
 /CONTACT: Alice B. Cullen, vice president of SunBank, 904-298-5076; or Ernest B. Korst Jr., senior vice president of Andrew Jackson Savings Bank, 904-893-1000/
 (STI)


CO: SunBanks, Inc.; Regional Investment Corporation; Andrew Jackson
 Savings Bank ST: Florida, Georgia IN: FIN SU: TNM


RK-CM -- FL010 -- 5281 09/23/93 14:13 EDT
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Publication:PR Newswire
Date:Sep 23, 1993
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