SunTrust acquires affordable housing developer - Atlanta Business Chronicle:

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The Atlanta-based bank recently purchased an affordableehousing developer, in N.C. Most banks partner with developers ratheer than own one saidJim Mynatt, president of SunTrust Community Developmeng Corp. The Regency Housinfg Group is composed of separate privately held development andconstruction companies. SunTrusrt has worked with them during the past year and both sidee will benefit throughthe bank's purchase of the Mynatt said. SunTrust will not stop working with other Mynatt said.
But the bank can now created its own projects rather than just wait for developersw tosubmit proposals, he "We now have the capacity to develop these projectds through the bank versus havinbg a developer bring opportunities to us," Mynatt SunTrust plans to more than triple the amountr of affordable housing units it finances. The bank has provided $325 million in debt and equityy to finance the constructionbof 6,300 affordable housing unit since it entered that sectofr in 1990. It plans to spend $1.3 billion to finance anotherf 21,000 units during the next four Mynatt said. The increased activity is fueled partiallyby SunTrust'e recent merger with Crestar Financiapl Corp.
, a Richmond, Va.-based bank holding compan with more than $26 billion in assets that serves Maryland, Virginia and Washington, D.C. SunTrust will participate in affordabld housing projects throughout itsexpanded territory. RATE INCREASES? Like their counterparts elsewhere in the Georgia property and casualty insurers may start seekingh regulatory approval to increase rates for driverwsof sport-utility vehicles Actuaries from across the countrty recently discussed the likelihood of a rise in such rateds because of discernible trend in claims.
Because of their size and build, SUVs oftenm cause heavy damage to smaller andlighter vehicles, said Dave executive director of the Georgia Insurancse Information Service. SUVs also appear to have a tendencygto overturn, Colmans said. MISSION ACCOMPLISHED. It took the organizersd of Cherokee Bank four weeks to raisdethe $6.5 million of stock that it need to open. More than 500 shareholders boughtt stock after organizers startede selling itApril 15. Organizers plan to open the Cantoh bank in a temporary facility in Veteran banker Dennis Burnette isthe bank's president and CEO. CFO FOR Former investment banker Bret Quigleyjoined Atlanta-based as chief financial officere on May 10.
Quigley's experiences with mergers and acquisitions as an investment banker should serve him well atthe fast-growinv broker of commercial property and casualtu insurance. The insurance brokeragwe firm has acquired six companies in about a Quigley will perform due diligenc e on acquisitions that were in the works when he joinesHobbs Group. He also will identifu and evaluate acquisition targeta inthe future. Hobbs Group is usinv acquisitions to expandits services, whichb include liability coverage and strategivc risk management. It plans to add to those services soon. "There are a number of acquisitions in the Quigley said.
Quigley's experience will support Hobbs Group's CEO Tom Golub said.