SunTrust Moves to Issue Credit Cards Again

SunTrust Banks, Inc., today announced it has signed an agreement with Atlanta-based InfiCorp Holdings, Inc. for issuing consumer credit cards.

Under terms of the agreement, InfiCorp will market, originate and service SunTrust-branded cards starting in the first quarter of 2007, focusing on SunTrust clients. SunTrust will be engaged in the underwriting process for the new cards, and have the option to purchase card assets for its own loan portfolio.

“This move perfectly addresses SunTrust’s strategic, financial and product considerations in an evolving credit card environment,” noted C. Gene Kirby, SunTrust corporate executive vice president in charge of its Retail Banking line of business. “InfiCorp has a solid track record in providing an effective and efficient turn-key solution with the flexibility to tailor its services in line with our comprehensive payments strategy. We are delighted to have them as a partner.”

Mr. Kirby said that decisions as to the possible addition of consumer credit card assets in the future will be made as part of SunTrust’s ongoing priority of maintaining a “well balanced” total loan portfolio that continues to meet optimal risk and return standards under varying economic scenarios.

In October 1999, SunTrust entered into an agreement with MBNA Corporation that expires in January 2007 under which MBNA purchased SunTrust’s consumer credit card portfolio and marketed personal card products and services to the bank’s customers. The business, corporate and purchasing card portfolios were not part of that transaction and continue to be maintained by SunTrust.