SunTrust Banks, Inc. announced it has reached a definitive agreement to sell the company's commercial lines insurance premium finance subsidiary, Premium Assignment Corporation, to IPFS Corporation.  

"PAC has demonstrated good growth and profitability, and has been led by a successful management team. This transaction aligns PAC with a company that has a proven track record in the insurance sector, and one that will hire all PAC teammates," said Hugh S. (Beau) Cummins, III, Wholesale Segment executive at SunTrust. "The sale also allows us to continue to focus on our core Wholesale banking businesses, while generating value for SunTrust shareholders."

The sale is expected to close during the fourth quarter of 2017. It is subject to various customary closing conditions.

Based in Tallahassee, Florida, PAC had $1.4 billion in assets as of June 30, 2017, and finances commercial lines insurance premiums in all 50 states. SunTrust acquired PAC via the 1994 purchase of Regional Investment Corporation, parent company of Andrew Jackson Savings Bank.

SunTrust Robinson Humphrey, Inc. and Colonnade Securities, LLC served as the financial advisors to SunTrust. Lazard served as the financial advisor to IPFS Corporation.