SunTrust Banks, Inc. announced it has finalized the sale of the company's commercial lines insurance premium finance subsidiary, Premium Assignment Corporation, to IPFS Corporation. The sale was initially announced in September.

"We congratulate IPFS on the purchase of PAC, and wish our departing teammates well in their work with IPFS. This sale allows SunTrust to continue to focus on our core Wholesale banking businesses, while generating value for our shareholders," said Hugh S. (Beau) Cummins, III, Wholesale Segment executive at SunTrust.

Based in Tallahassee, Florida, PAC has $1.3 billion in assets as of September 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.