SunTrust Banks, Inc. (NYSE:STI) is one of the largest regional banks and it appears that the dark cloud of the financial crisis could be moving away, which should allow this bank to shine going forward. The bank has managed to under-perform the broader banking market by nearly 15 percentage points over the past 12 months, but its compelling valuation means the stock could move higher going forward.
Who is SunTrust?
SunTrust Banks, Inc. (NYSE:STI) serves 11 states, with a focus on Florida, Georgia, Virginia and Tennessee. As of 2012, SunTrust had over 1,600 branches and some $130 billion in deposits, with 33% of deposits in Florida and 29% in Georgia. What’s more is that in Florida, SunTrust Banks, Inc. (NYSE:STI) hold a 9% market share, ranking third, and in Georgia it ranks first with 18% of the market share.
Rebounding balance sheet
Specifically for BB&T, the bank should be able to capitalize on key acquisitions and planned branch growth in Texas. The other key is completion of its BankAtlantic deal in Florida. BB&T Corporation (NYSE:BBT) gains BankAtlantic’s 78 branches with about $2.1 billion in loans and $3.3 billion in deposits, doubling its deposits in Florida and putting the bank as sixth in deposit market share in the state.
A couple of top Midwestern banks are Huntington Bancshares Incorporated (NASDAQ:HBAN) and Fifth Third Bancorp (NASDAQ:FITB), which should perform well on the back of their strong presence in the bustling areas for oil and gas development, the Utica Shale and the Marcellus Shale plays. For example, Ohio, a key area for both Huntington Bancshares Incorporated (NASDAQ:HBAN) and Fifth Third, has an unemployment rate that’s well below the national average. Huntington has some 700 banks in Ohio, Michigan, Pennsylvania, Indiana, West Virginia, Kentucky, and Florida. Fifth Third Bancorp (NASDAQ:FITB) operates 1,340 branches in 12 states, with a focus on Ohio, Michigan and Illinois.