Textron Financial Expands Presence in Small Business Market with Acquisition of Assets of STI Credit Corporation

    PROVIDENCE, R.I.--June 5, 2001--As part of Textron Financial Corporation's (Textron Financial) strategy to expand its market depth and breadth, the company today announced it has acquired certain assets of STI Credit Corporation (SunTrust Credit), a national provider of commercial finance services to the small business market. This new unit will be combined with Textron Financial's existing small business group to serve the 14 million small businesses in the U.S.
    Based in Little Rock, Arkansas, and a subsidiary of SunTrust Banks, Inc. of Atlanta, SunTrust Credit has approximately $400 million in receivables that are being sold to Textron Financial. The acquisition includes SunTrust Credit's 110 employees. Terms of the transaction were not disclosed.
    "This strategic acquisition gives us an excellent opportunity to diversify and leverage our existing small business group products using SunTrust Credit's proven origination and service platform," remarked Stephen A. Giliotti, chairman, president and CEO of Textron Financial. "This will allow us to expand our market reach, gain new customers more cost effectively, and achieve 10 to 15 percent growth per year in this business," he continued.
    Scott Hastings, president and chief operating officer of SunTrust Credit, stated, "Textron Financial is recognized for its expertise and understanding of the small business market and its complete financial services product offerings. These products, along with the national marketing strategy of Textron Financial, are a perfect fit for our unique platform."
    Jenner Wood, president of SunTrust Bank of Atlanta, remarked, "The sale of these SunTrust Credit assets is consistent with our strategy of concentrating on commercial finance growth opportunities within our existing geographic footprint, which includes very attractive markets in the Southeast and Mid Atlantic states."

    About Textron Financial

    Textron Financial is a diversified commercial finance company with $8.2 billion in managed receivables and twenty-two years of record earnings. Its market-aligned businesses provide lending and leasing to small and middle market companies, and financial services that include asset management, syndications, portfolio servicing, and insurance brokerage. Textron Financial also provides specialty finance for the golf and timeshare industries. Additional information about the company is available at www.tfc.textron.com.
    Textron Financial is a subsidiary of Textron Inc. , a $13 billion global, multi-industry company with market-leading businesses in Aircraft, Automotive, Industrial Products, Fastening Systems and Finance. Textron has a workforce of over 70,000 employees and major manufacturing facilities in 30 countries. Textron is among Fortune magazine's "Global Most Admired Companies" and Industry Week magazine's "Best Managed Companies." Additional information is available at www.textron.com.

    About SunTrust Banks, Inc.

    SunTrust Bank Inc. is the nation's ninth-largest commercial banking organization. The Company operates through an extensive distribution network in Alabama, Florida, Georgia, Maryland, Tennessee, Virginia, and the District of Columbia, and also serves customers in selected markets nationally. Its primary businesses include traditional deposit and credit services as well as trust and investment services. Through various subsidiaries, the Company provides credit cards, mortgage banking, insurance, brokerage, and capital market services.

    Forward-looking Information: Certain statements in this release and other oral statements made in relation to this release, are forward-looking statements, including those that discuss strategies, goals, outlook or other non-historical matters; or project revenues, income, returns or other financial measures. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ from those contained in the statements, including those risks and uncertainties set forth in Textron Financial's periodic filings with the Securities and Exchange Commission.