ATLANTA, Sept. 25, 2017 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) today announced it has reached a definitive agreement to sell the company's commercial lines insurance premium finance subsidiary, Premium Assignment Corporation (PAC), to IPFS Corporation.
"PAC has demonstrated good growth and profitability, and has been led by a successful management team. This transaction aligns PAC with a company that has a proven track record in the insurance sector, and one that will hire all PAC teammates," said Hugh S. (Beau) Cummins, III, Wholesale Segment executive at SunTrust. "The sale also allows us to continue to focus on our core Wholesale banking businesses, while generating value for SunTrust shareholders."
The sale is expected to close during the fourth quarter of 2017. It is subject to various customary closing conditions.
Based in Tallahassee, Florida, PAC 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.
SunTrust Robinson Humphrey, Inc. and Colonnade Securities, LLC served as the financial advisors to SunTrust. Lazard served as the financial advisor to IPFS Corporation.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. Headquartered in Atlanta, SunTrust operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of June 30, 2017, SunTrust had total assets of $207 billion and total deposits of $160 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.
SOURCE SunTrust Banks, Inc.
For further information: Tom Crosson, 470-218-9178
306 Assignment of Division, Continuation, Substitute, and Continuation-in-Part in Relation to Parent Application [R-07.2015]
In the case of a division or continuation application, a prior assignment recorded against the original application is applied (effective) to the division or continuation application because the assignment recorded against the original application gives the assignee rights to the subject matter common to both applications. Although the assignment recorded against an original application is applied to the division or continuation application, the Office’s assignment records will only reflect an assignment of a division or continuation application (or any other application) if a request for recordation in compliance with 37 CFR 3.28, accompanied by the required fee (37 CFR 3.41), is filed.
In the case of a substitute or continuation-in-part application, a prior assignment of the original application is not applied (effective) to the substitute or continuation-in-part application because the assignment recorded against the original application gives the assignee rights to only the subject matter common to both applications. Substitute or continuation-in-part applications require the recordation of a new assignment if they are to be issued to an assignee, unless the substitute or continuation-in-part application is filed on or after September 16, 2012, and the assignee is the original applicant therein. See 37 CFR 3.81. See also MPEP § 307 and § 308.
306.01 Assignment of an Application Claiming the Benefits of a Provisional Application [R-07.2015]
If an application which claims the benefit of the earlier filing date of a provisional application under 35 U.S.C. 119(e) includes only subject matter which formed a part of the provisional application, an assignment recorded against the provisional application will be effective in the later application, similar to the practice with respect to continuations and divisions filed under 35 U.S.C. 120. See MPEP § 306. If an application claiming the benefit of the earlier filing date of a provisional application includes subject matter that is not common with subject matter of the provisional application, new assignment papers must be recorded for the application claiming the benefit of the provisional application, unless the later application is filed on or after September 16, 2012 and the assignee is the original applicant therein. This is similar to the practice with respect to continuations-in-part filed under 35 U.S.C. 120. See MPEP § 306, § 307, and § 308.