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FDIC Says Unbanked Americans Provides Great Opportunity for Insured Financial Institutions to Expand Customer Base

NEW YORK, NY--(Marketwire - Sep 26, 2012) - Banking stocks have been some of the strongest performers in the markets. Recent stimulus measures announced by the U.S. and Europe have helped ease concerns of a global economic slowdown. The SPDR S&P Bank ETF KRE has gained roughly 20 percent year-to-date. The Paragon Report examines investing opportunities in the Banking Industry and provides equity research on SunTrust Banks, Inc. ( NYSE : STI ) and Hudson City Bancorp, Inc. ( NASDAQ : HCBK ).

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The Federal Deposit Insurance Corp. has urged the banking industry to increase their focus on unbanked Americans. According to numbers from the FDIC's National Survey of Unbanked and Underbanked Households the number of U.S. households that do not use banking services increased by 821,000 from 2009 to 2011. Approximately 8.2 percent of the nation's population manages their finances without the use of bank accounts from financial institutions.

"Insured financial institutions have an important chance to grow their customer base by expanding opportunities that bring unbanked and underbanked individuals into mainstream banking," Martin J. Gruenberg, the acting chairman of the FDIC, said in an e-mailed statement.

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SunTrust Banks is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of June 30, 2012, SunTrust had total assets of $178.3 billion and total deposits of $128.4 billion. SunTrust is scheduled to release their third quarter 2012 results before market open on Monday, October 22, 2012.

With over $40 billion in assets, Hudson City is the largest thrift institution headquartered in New Jersey. The company recently reported that it will merge into a subsidiary of M&T Bank Corporation. "This merger creates tremendous opportunities to build on the successes that each company has achieved individually in its own markets," said Hudson City Chairman and CEO, Ronald E. Hermance, Jr.

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