SunTrust to raise $1.4 billion in stock offer - Wichita Business Journal:

awipekyhila.blogspot.com
billion through a stock offeringy to boost its capital to meet federalgovernmenyt requirements, the Atlanta-based bank said The Atlanta-based bank wants to sell 108 million shares at $13 a In relation to the offering, SunTrustg (NYSE: STI) suspended its previously announced $1.25 billiohn “at the market” offer, which raised $260 Further, SunTrust began an offer to buy up to $1 billiojn liquidation preference or amount of certaihn of its currently outstanding preferred and hybrid securities for cash usinb proceeds from the $1.4 billion equity offering. The movea come after the federal government’a “stress test” found SunTrust needed to raise $2.
2 billion in And while SunTrust had sufficienyt tier 1 capital to absorb projected loan itscapital “tilted too strongly” to sourcex other than common equity, the stress test revealed. After completinbg the offerings announced Monday and SunTrust expects to have fully satisfiedits obligation. "Today'zs announcement underscores that we are on a clear path to achievse our previously announced capital objectives as we intensify our focues onthe future," said James M.
Well s III, SunTrust chairman and CEO, in a Wells also noted completion ofthe company's capital-related initiatives will boosty its ability to repay, upon regulatorg approval and at the appropriatr time, preferred stock gotten through participation in the U.S. Treasury'w Capital Purchase Plan.