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South Florida

SunTrust hit by Florida loan troubles

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Atlanta-based SunTrust Banks cut its dividend by 81 percent and saw
profits fall by 50 percent in the fourth quarter, thanks to rising problems
in its Florida loan portfolio. Of SunTrust’s $32.07 billion in Florida
residential mortgages as of December 31, $1.69 billion, or 5.3 percent,
were money losers. That’s up from $1.4 billion on September 30. An
additional 3 percent of SunTrust’s Florida mortgages were more than 60
days delinquent, but still accruing interest at the end of 2008, compared with
2 percent in the third quarter.