How to populate DropDownList from Database using Model in ASP.Net MVC

I am attempting to learn how to populate a dropdown list from a model in asp.NET MVC.  So, I have a small application that has two domain models, Companies and StateList.  The StateList is simple a list of all states in the U.S.  I need to display the correct state acronymn instead of the ID in the Index view of Companies.  I also need to populate the dropdown list of the Edit view of Companies with the values in StateList.  Any help is appreciated.

Companies Model:

using System;
using System.Collections.Generic;
using System.ComponentModel;
using System.ComponentModel.DataAnnotations;
using System.ComponentModel.DataAnnotations.Schema;
using System.Linq;
using System.Web;

namespace croesus_rising.Models
{
    public class Assignments
    {
        [Key]
        public int assnmt_id_pk { get; set; }

        [Required]
        [DisplayName("Policy Number")]
        [StringLength(50)]
        public string polNum { get; set; }

        [DisplayName("Claim Number")]
        [StringLength(50)]
        public string clmNum { get; set; }

        [DisplayName("Storm Template")]
        [StringLength(100)]
        public string stormTmplt { get; set; }

        [DisplayName("Peril")]
        public int peril { get; set; }

        [DisplayName("First Name")]
        [StringLength(100)]
        public string insdFirstName { get; set; }

        [DisplayName("Last Name")]
        [StringLength(100)]
        public string insdLastName { get; set; }

        [DisplayName("Phone Number")]
        [StringLength(10)]
        public string insdPhNum { get; set; }

        [DisplayName("Email")]
        [StringLength(100)]
        public string insdEmail { get; set; }

        [DisplayName("Address")]
        [StringLength(255)]
        public string lossLocAdd { get; set; }

        [DisplayName("City")]
        [StringLength(100)]
        public string lossLocCity { get; set; }

        [DisplayName("State")]
        public int lossLocState { get; set; }

        [DisplayName("Zip Code")]
        [StringLength(20)]
        public string lossLocZip { get; set; }

        [DisplayName("First Name")]
        [StringLength(100)]
        public string otherContFirstName { get; set; }

        [DisplayName("Last Name")]
        [StringLength(100)]
        public string otherContLastName { get; set; }

        [DisplayName("Phone Number")]
        [StringLength(10)]
        public string otherContPhNum { get; set; }

        [DisplayName("Email")]
        [StringLength(100)]
        public string otherContEm { get; set; }

        [DisplayName("First Name")]
        [StringLength(100)]
        public string agentFirstName { get; set; }

        [DisplayName("Last Name")]
        [StringLength(100)]
        public string agentLastName { get; set; }

        [DisplayName("Phone Number")]
        [StringLength(10)]
        public string agentPhNum { get; set; }

        [DisplayName("Email")]
        [StringLength(100)]
        public string agentEmail { get; set; }

        [DisplayName("Submitted By")]
        [StringLength(128)]
        public string assnmtSubBy { get; set; }

        [DisplayName("Special Instructions")]
        public string specialInstructions { get; set; }

        [DisplayName("Date Uploaded")]
        public DateTime assnmtUpldDtTime { get; set; }

        [DisplayName("Current Status")]
        public int assnmtStatus { get; set; }

        [DisplayName("Company")]
        public int compIdFk { get; set; }
        [ForeignKey("compIdFk")]
        public Companies Companies { get; set; }
    }
}

Here is the Companies Controller:

using System;
using System.Collections.Generic;
using System.Data;
using System.Data.Entity;
using System.Linq;
using System.Net;
using System.Web;
using System.Web.Mvc;
using croesus_rising.Models;


namespace croesus_rising.Controllers
{
    public class CompaniesController : Controller
    {
        private ApplicationDbContext db = new ApplicationDbContext();

        // GET: Companies
        public ActionResult Index()
        {
            var companies = db.Companies.Include(c => c.compState).ToList();

            return View(db.Companies.ToList());
        }

        // GET: Companies/Details/5
        public ActionResult Details(int? id)
        {
            if (id == null)
            {
                return new HttpStatusCodeResult(HttpStatusCode.BadRequest);
            }
            Companies companies = db.Companies.Find(id);
            if (companies == null)
            {
                return HttpNotFound();
            }
            return View(companies);
        }

        // GET: Companies/Create
        public ActionResult Create()
        {
            return View();
        }

        // POST: Companies/Create
        // To protect from overposting attacks, please enable the specific properties you want to bind to, for 
        // more details see http://go.microsoft.com/fwlink/?LinkId=317598.
        [HttpPost]
        [ValidateAntiForgeryToken]
        public ActionResult Create([Bind(Include = "compIdPk,compName,compMailAdd,compCity,compState,compZip,compUrl,isActive")] Companies companies)
        {
            if (ModelState.IsValid)
            {
                db.Companies.Add(companies);
                db.SaveChanges();
                return RedirectToAction("Index");
            }

            return View(companies);
        }

        // GET: Companies/Edit/5
        public ActionResult Edit(int? id)
        {
            if (id == null)
            {
                return new HttpStatusCodeResult(HttpStatusCode.BadRequest);
            }
            Companies companies = db.Companies.Find(id);
            if (companies == null)
            {
                return HttpNotFound();
            }
            return View(companies);
        }

        // POST: Companies/Edit/5
        // To protect from overposting attacks, please enable the specific properties you want to bind to, for 
        // more details see http://go.microsoft.com/fwlink/?LinkId=317598.
        [HttpPost]
        [ValidateAntiForgeryToken]
        public ActionResult Edit([Bind(Include = "compIdPk,compName,compMailAdd,compCity,compState,compZip,compUrl,isActive")] Companies companies)
        {
            if (ModelState.IsValid)
            {
                db.Entry(companies).State = EntityState.Modified;
                db.SaveChanges();
                return RedirectToAction("Index");
            }
            return View(companies);
        }

        // GET: Companies/Delete/5
        public ActionResult Delete(int? id)
        {
            if (id == null)
            {
                return new HttpStatusCodeResult(HttpStatusCode.BadRequest);
            }
            Companies companies = db.Companies.Find(id);
            if (companies == null)
            {
                return HttpNotFound();
            }
            return View(companies);
        }

        // POST: Companies/Delete/5
        [HttpPost, ActionName("Delete")]
        [ValidateAntiForgeryToken]
        public ActionResult DeleteConfirmed(int id)
        {
            Companies companies = db.Companies.Find(id);
            db.Companies.Remove(companies);
            db.SaveChanges();
            return RedirectToAction("Index");
        }

        protected override void Dispose(bool disposing)
        {
            if (disposing)
            {
                db.Dispose();
            }
            base.Dispose(disposing);
        }
    }
}

StateList Model:

using System;
using System.Collections.Generic;
using System.ComponentModel;
using System.ComponentModel.DataAnnotations;
using System.Linq;
using System.Web;

namespace croesus_rising.Models
{
    public class StateList
    {
        [Key]
        public int stateIdPk { get; set; }

        [DisplayName("State")]
        [Required]
        [StringLength(10)]
        public string StateAcro { get; set; }
    }
}