SunTrust Banks (NYSE:STI) and Cardtronics (NasdaqGM:CATM) have entered into an agreement to place the SunTrust brand on Cardtronics owned and operated ATMs located in CVS/pharmacy stores across several major metropolitan areas in the Southeast United States.
ATMs branded by SunTrust will prominently display the SunTrust logo on the ATMs themselves, on the ATM transaction screens, and on printed receipts. All SunTrust customers will benefit by receiving surcharge-free access to the branded ATMs.
SunTrust-branded ATMs will be available in CVS stores located in the North Carolina metropolitan areas of Charlotte and Raleigh-Durham and the Florida metropolitan areas of Jacksonville and Miami/southern Florida. Cardtronics and SunTrust expect the ATM branding project to be completed in the 1st quarter of 2009.
"Increasing convenience for our customers is always high on the priority list at SunTrust," stated SunTrust Corporate Executive Vice President Gene Kirby, head of the Company's Retail and Commercial lines of business. "By branding ATMs with Cardtronics, we will provide our customers with many new touchpoints in key markets while expanding the presence of the SunTrust brand in a very efficient and effective manner."
"Cardtronics has developed a nationwide ATM network that leverages the great locations and consumer appeal of many of the country's largest retailers," said Brian Archer, Cardtronics' Chief Marketing Officer. "Through our ATM branding program, the nation's financial institutions can take advantage of our network to provide better service to their customers and a more visible presence for their brands without the time, logistical, and capital resources normally required to expand their physical footprints in existing or new markets. With this agreement, SunTrust is able to further strengthen its strong position in its core Southeast U.S. market while providing a valuable service to its customers."