SunTrust opening new branch in downtown Raleigh

Regional banking giant SunTrust Bank plans to expand its presence in the Triangle by opening a new branch in downtown Raleigh.

Atlanta-based SunTrust has targeted a February 2014 opening for a new, 1,900-square-foot branch at 411 Fayetteville St., which is also the downtown home of Duke Energy Progress, the local subsidiary of Duke Energy.

“Clients really like to bank where they live and work, and we really didn’t have a significant downtown Raleigh presence,” said Tom McDermott, senior vice president and cross-channel strategy manager. SunTrust’s commercial banking unit for the Raleigh market is housed in the same building, also on the first floor.

The new branch will be SunTrust’s 58th in the Triangle, more than any other bank except Wells Fargo, according to Federal Deposit Insurance Corp. data. SunTrust has more than 1,500 branches overall.

McDermott said that SunTrust already has installed a new ATM at the Fayetteville Street location.

Over the past two years SunTrust has replaced all of its 2,240 ATMs, including 80 in the Triangle. The new machines are totally touch-screen, which makes them faster to use, and includes new features such as the ability, when you deposit a check, to get a receipt that includes a copy of the check, McDermott said.

SunTrust also is relocating two local branches -- one in Chapel Hill and one in Durham -- to sites that are more appealing “from a client perspective,” McDermott said.

The University Square branch in Chapel Hill is moving across the street to West Franklin Street, and the Corcoran Street branch in downtown Durham is moving to North Mangum Street. Both moves are scheduled for November.