BROOKSVILLE, Fla. - SunTrust Banks Inc. said it completed acquiring $124 million-asset Peoples State Bank, which has four offices in New Port Richey, Fla.
Peoples State Bank will merge with SunBank and Trust Co., a $1.1 billion-asset bank headquartered in Brooksville. The merger will increase SunBank's presence in the important western Pasco County market and bring its office total in Pasco, Citrus, and Hernando counties to 30.
SunTrust's Florida subsidiary has $20 billion of assets and 370 offices.
The holding company, which is based in Atlanta, has $42 billion of assets and more than 650 offices in Florida, Georgia, Tennessee, and Alabama.