SunTrust Banks To Sell Premium Assignment Corp. - Quick Facts

(RTTNews) - SunTrust Banks, Inc. (STI) announced an agreement to sell the company's commercial lines insurance premium finance subsidiary, Premium Assignment Corporation, to IPFS Corp. The sale is expected to close during the fourth quarter of 2017.

Based in Tallahassee, Florida, Premium Assignment Corporation had $1.4 billion in assets as of June 30, 2017, and finances commercial lines insurance premiums in all 50 states. SunTrust acquired PAC via the 1994 purchase of Regional Investment Corporation, parent company of Andrew Jackson Savings Bank.

Hugh Cummins, III, Wholesale Segment executive at SunTrust, said: "The sale also allows us to continue to focus on our core Wholesale banking businesses, while generating value for SunTrust shareholders."