SouthTrust Bank: Difference between revisions
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SouthTrust Bank was a large regional bank | [[File:Wachovia Tower.jpg|right|thumb|275px|SouthTrust Tower in 2005]] | ||
'''SouthTrust Bank''' was a large regional bank headquartered in the [[Wells Fargo Tower|SouthTrust Tower]] at 420 [[20th Street North]] in downtown [[Birmingham]]. It was a successor to the [[Birmingham Trust National Bank]] which expanded regionally through acquisitions of the '''Southern Bancorporation of Alabama''' and rebranded in [[1981]] as the '''SouthTrust Corporation''' with the SouthTrust Bank name replacing BTNB on branches in [[1982]]. The company constructed the 34-story [[Wells Fargo Tower|SouthTrust Tower]] at the corner of 20th Street and [[5th Avenue North]]. | |||
SouthTrust | SouthTrust continued to expand under new banking laws, acquiring the Central Bank of South Daytona Beach in [[1987]] as its first branches outside Alabama. The corporation continued to acquire smaller banks in north and central Florida and later in Georgia. It opened its first Tennessee branch in Nashville in [[1988]], followed by one in Charleston, South Carolina in [[1989]]. The company, with more than $7.5 billion in recorded assets, was recognized as Alabama's largest bank in [[1990]]. It purchased the Charlotte, North Carolina-based US operations of Barclay's in [[1991]] and claimed 336 branches in six states and more than $12 billion in assets by the end of [[1992]]. | ||
The entire SouthTrust operation was reorganized under a national bank charter in [[1996]]. In [[2000]] the company returned to a state charter while it continued its expansions in Texas and Virginia. By [[2004]] the bank had 712 branches and $53 billion in assets. CEO [[Wallace Malone]] quietly moved the commercial banking offices to Atlanta, Georgia in [[2003]]. In June [[2004]] it was announced the SouthTrust would be acquired by Wachovia Bank of Charlotte, North Carolina for $14.3 million in shares. The sale was completed on [[November 1]] and the commercial banking office in Atlanta became Wachovia's Southern Banking Group headquarters. About 1,700 jobs were lost in Birmingham due to the merger. | |||
The SouthTrust name disappeared from bank buildings in Birmingham in October [[2005]]. That name and its associated trade marks were acquired by First National Bank of George West, headquartered in George West, Texas, in [[2013]]. | |||
==SouthTrust branches== | |||
* [[BTNB BJCC branch|BJCC branch]], 1040 [[19th Street North]] | |||
* [[BTNB East Lake branch|East Lake branch]], 7324 [[1st Avenue North]], [[East Lake]] | |||
* [[BTNB Eastwood branch|Eastwood branch]], 5389 [[Oporto-Madrid Boulevard]], [[Eastwood]] | |||
* [[BTNB Ensley branch|Ensley branch]], 707 [[20th Street Ensley|20th Street]], [[Ensley]] | |||
* [[BTNB Five Points West branch|Five Points West branch]], 2136 [[Bessemer Road]], [[Five Points West]] | |||
* [[BTNB Mountain Brook branch|Mountain Brook branch]], 2903 [[Cahaba Road]], [[Mountain Brook Village]] | |||
* [[BTNB Southside office|Southside office]], 2401 [[6th Avenue South]], [[Southside]], opened [[1955]] | |||
[[Category: | ==References== | ||
[[Category: | * [http://www.southtrust.com/ SouthTrust Bank] website - accessed October 6, 2006 | ||
[[Category:Defunct banks]] | |||
[[Category:Morris Block]] | |||
[[Category:20th Street North]] | |||
[[Category:1982 establishments]] | |||
[[Category:2004 disestablishments]] | |||
Latest revision as of 13:39, 13 October 2023
SouthTrust Bank was a large regional bank headquartered in the SouthTrust Tower at 420 20th Street North in downtown Birmingham. It was a successor to the Birmingham Trust National Bank which expanded regionally through acquisitions of the Southern Bancorporation of Alabama and rebranded in 1981 as the SouthTrust Corporation with the SouthTrust Bank name replacing BTNB on branches in 1982. The company constructed the 34-story SouthTrust Tower at the corner of 20th Street and 5th Avenue North.
SouthTrust continued to expand under new banking laws, acquiring the Central Bank of South Daytona Beach in 1987 as its first branches outside Alabama. The corporation continued to acquire smaller banks in north and central Florida and later in Georgia. It opened its first Tennessee branch in Nashville in 1988, followed by one in Charleston, South Carolina in 1989. The company, with more than $7.5 billion in recorded assets, was recognized as Alabama's largest bank in 1990. It purchased the Charlotte, North Carolina-based US operations of Barclay's in 1991 and claimed 336 branches in six states and more than $12 billion in assets by the end of 1992.
The entire SouthTrust operation was reorganized under a national bank charter in 1996. In 2000 the company returned to a state charter while it continued its expansions in Texas and Virginia. By 2004 the bank had 712 branches and $53 billion in assets. CEO Wallace Malone quietly moved the commercial banking offices to Atlanta, Georgia in 2003. In June 2004 it was announced the SouthTrust would be acquired by Wachovia Bank of Charlotte, North Carolina for $14.3 million in shares. The sale was completed on November 1 and the commercial banking office in Atlanta became Wachovia's Southern Banking Group headquarters. About 1,700 jobs were lost in Birmingham due to the merger.
The SouthTrust name disappeared from bank buildings in Birmingham in October 2005. That name and its associated trade marks were acquired by First National Bank of George West, headquartered in George West, Texas, in 2013.
SouthTrust branches
- BJCC branch, 1040 19th Street North
- East Lake branch, 7324 1st Avenue North, East Lake
- Eastwood branch, 5389 Oporto-Madrid Boulevard, Eastwood
- Ensley branch, 707 20th Street, Ensley
- Five Points West branch, 2136 Bessemer Road, Five Points West
- Mountain Brook branch, 2903 Cahaba Road, Mountain Brook Village
- Southside office, 2401 6th Avenue South, Southside, opened 1955
References
- SouthTrust Bank website - accessed October 6, 2006