Financial institutions are facing some of the toughest times in decades, their shares have plummeted and some have either gone bankrupt or had to sell out to bigger, more formidable competitors.

Understandably, bank shareholders are hopping mad.

SunTrust Banks has had it bad, too, though the Atlanta-based company has managed to eke out a profit despite the downturn. In the most recent quarter, the company's profits slid 44 percent following a 99 percent plunge in the last three months of 2007.

James M. Wells III, SunTrust's chairman, chief executive and president acknowledged the current business environment Tuesday at the bank's annual meeting Tuesday at its downtown headquarters.

But even as he cautioned that the housing slowdown and credit quality issues will likely remain a drag on bank earnings through sometime next year, Wells reiterated — as he has in recent months — the bank is positioned to navigate the economic maelstrom.

"As we look back on the year, it was hardly what we expected," Wells said to an audience of about 50 people, which included board members, retail shareholders and employees. "As we look ahead to a period that promises even more challenges to all of us, there are opportunities."

If SunTrust's shareholders were upset, you wouldn't know it, judging from the relatively staid atmosphere of Tuesday's meeting.

Attendees were given an 11-point sheet of acceptable conduct dictating where shareholders could stand to ask their questions, how long they could speak, whom they could address and how many times they could question senior management.

That was in sharp contrast to the tongue-whipping Wachovia Corp.'s chief executive, G. Kennedy Thompson, received last week when the Charlotte-based bank held its annual meeting. Following a first-quarter loss of $393 million and a 41 percent cut in the dividend, some shareholders said they had no confidence in his leadership and called for his resignation.

SunTrust's meeting was dull by comparison. And while the company said it was aware of the Wachovia shareholder battle, it did not factor into the tight controls at SunTrust.

"I would characterize that as prudent planning to ensure an orderly session in which the views and comments of shareholders could be heard by other shareholders," said Barry Koling, a SunTrust spokesman.

Only one shareholder, John Moore, a Charlotte investor who owns 70,000 shares of SunTrust and is a fixture at the annual meetings, voiced his concerns.

Moore, not known for following the rules, addressed his questions to the board directly. He said he'd like to see more independence from the board and for them to address shareholders directly at these meetings.

He also said given the current environment, it seemed strange Wells and other executives received big pay boosts, especially since the company has been looking to cut expenses through a widely touted efficiency program. Wells' total compensation, for example, jumped 16 percent in 2007 from the previous year when he was still chief operating officer. Outgoing executive chairman and longtime SunTrust fixture L. Phillip Humann received a lump sum retirement package of $22.5 million.

"Many, many of our employees are suffering," Moore said. "It's wonderful to push down costs, but I would suggest that we all share it together."

He said his SunTrust shares have lost about $3.5 million in value since the market downturn but that he would "gladly forego that if we could get good corporate structure in place."

In his response, Wells noted the irony of his being management speaking for the board.

"This is all very awkward of course for me, but I can assure you this is a very hard working board and compensation is viewed with a great deal of external view to make certain our salaries and ranges and incentive plans are competitive," Wells said. "We value each and every one of our people and we do what we can."