The deal, valued at $42.80 per common share, is expected to close this summer. Privately held Lighthouse is owned by 400 mostly local residents. The company has $577 million in assets and $200 million in core customer deposits. SunTrust has total assets of $117.3 billion and deposits of $79.7 billion.
"Affiliation with Lighthouse is consistent with SunTrust's bank acquisition strategy that focuses on expansion into demographically attractive, high-growth markets," SunTrust chairman, president and CEO L. Phillip Humann says in a prepared statement.
Lighthouse CEO Jerry Caldwell and president Terry Rohlfing will continue in their current positions. Most of the company's 170 employees are also expected to remain under the SunTrust banner.
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