Symcor Inc., a North American leader in payment financial transaction processing, and SunTrust Banks, Inc. (NYSE: STI) one of the largest financial institutions in the United States, announced they have signed an agreement under which a significant portion of SunTrust's back-office banking operations will be outsourced to Symcor. Under the terms of the 10-year agreement, Symcor will handle SunTrust's check clearing, lockbox processing and statement production. Symcor has also agreed to offer employment to over 1,500 SunTrust employees who currently perform these services internally, and to acquire, lease or sublease from SunTrust, operations centers located in Baltimore, Md., Richmond, Va., Durham, N.C., Nashville, Tenn., Memphis, Atlanta, Orlando and Miami, thereby considerably expanding Symcor's US operations, which currently include locations in Chicago, Atlanta, Orlando, Charlotte and Los Angeles.
Symcor was represented in this transaction by an in-house legal team led by Senior Vice President and General Counsel Gary Eisen. Vice President and Associate General Counsel Loreto Grimaldi (corporate/M&A/outsourcing) acted as deal lead with a Symcor legal team that included Pamela Leiper (employment) and Julie Chapman (commercial).
Symcor was assisted by the Chicago office of Jenner & Block LLP with a team led by Carter H. Klein (US regulatory, outsourcing, corporate), and consisting of Jeny Pickell (corporate), Don Horvath and Frank Eichenlaub (real estate), and Darren Mungerson (human resources), and by Alison J. Youngman (corporate), John Lorito (tax) and Nicholas Whalen (due diligence) of the Toronto office of Stikeman Elliott LLP.
SunTrust was represented by an in-house legal team consisting of First Vice President and Assistant General Counsel Ivo Vissenberg (corporate/IP/outsourcing), First Vice President and Assistant General Counsel David Hagy (real estate) and Rakiya Diggs, Attorney (due diligence).
SunTrust was assisted by the Atlanta office of King & Spalding LLP, with a team led by Ellen Ray (corporate) and Steve de Groot (corporate).
Symcor was represented in this transaction by an in-house legal team led by Senior Vice President and General Counsel Gary Eisen. Vice President and Associate General Counsel Loreto Grimaldi (corporate/M&A/outsourcing) acted as deal lead with a Symcor legal team that included Pamela Leiper (employment) and Julie Chapman (commercial).
Symcor was assisted by the Chicago office of Jenner & Block LLP with a team led by Carter H. Klein (US regulatory, outsourcing, corporate), and consisting of Jeny Pickell (corporate), Don Horvath and Frank Eichenlaub (real estate), and Darren Mungerson (human resources), and by Alison J. Youngman (corporate), John Lorito (tax) and Nicholas Whalen (due diligence) of the Toronto office of Stikeman Elliott LLP.
SunTrust was represented by an in-house legal team consisting of First Vice President and Assistant General Counsel Ivo Vissenberg (corporate/IP/outsourcing), First Vice President and Assistant General Counsel David Hagy (real estate) and Rakiya Diggs, Attorney (due diligence).
SunTrust was assisted by the Atlanta office of King & Spalding LLP, with a team led by Ellen Ray (corporate) and Steve de Groot (corporate).
Lawyer(s)
Nicholas J. Whalen
John G. Lorito