SunTrust and BB&T are looking to buy several foreclosure properties in Florida.
BB&T Corp. and SunTrust Bank, both banks with a significant presence in Charlotte, have their sights set on seizing several properties in Florida that are in foreclosure, the South Florida Business Journal reports.
BB&T is attempting to seize 19 industrial/office condos in Miami. The Winston-Salem-based bank (NYSE:BBT) filed a foreclosure lawsuit on July 25 against RG Investment Enterprises and managing member Recaredo Gutierrez. It concerns a mortgage issued for $7.9 million in 2007. The lawsuit also names James F. Perry & Co., which has a $1 million second mortgage on the property.
Eairlier this month, Atlanta-based SunTrust (NYSE:STI) filed two related lawsuits aimed at taking control of 18 home sites throughout Miami-Dade. Owners Citywide Development Corp. and Better Homes Development Corp. had their mortgages with SunTrust modified in December at $1.7 million and $1 million, respectively.
BB&T with $370 million in deposits and SunTrust with $1.8 billion in local deposits are the tenth and fourth-largest banks in Northeast Florida. BB&T has 14 branches in the area and as SunTrust has 30 local branches.
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