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SunTrust reports $815.2 million loss in 1st quarter
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Published: April 23, 2009
TAMPA - SunTrust Banks Inc., which has received $4.9 billion in federal Troubled Asset Relief Program funds, posted an $815.2 million first-quarter loss it blamed on a goodwill charge and increased reserves for loan losses.
It was the second consecutive quarterly loss, with the bank attributing a $347.6 million fourth-quarter loss to higher recession- related credit costs.
"There are some preliminary signs of improvement in several key areas, including mortgage originations, consumer and commercial deposit growth and reserves for loan losses, while revenue improved due to growth in mortgage originations," Atlanta-based SunTrust said in a news release.
Reporter Ted Jackovics can be reached at (813) 259-7817.
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