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

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billion through a stocm offering to boost its capital to meet federalgovernmen requirements, the Atlanta-based bank said Monday. The Atlanta-based bank wanta to sell 108 million sharesat $13 a share. In relatioh to the offering, SunTrust (NYSE: STI) suspended its previously announcec $1.25 billion “at the market” which raised $260 million. Further, SunTrust begam an offer to buy upto $1 billio n liquidation preference or amount of certain of its currentl y outstanding preferred and hybrid securities for cash using proceedx from the $1.4 billion equity offering. The moves come aftere the federal government’s “stress found SunTrust needed toraise $2.
2 billiom in capital. And whiles SunTrust had sufficient tier 1 capitalp to absorb projectedloan losses, its capital “tilted too strongly” to sourcexs other than common the stress test revealed. After completing the offerings announced Monday and SunTrust expects to have fully satisfiedits obligation. "Today'sx announcement underscores that we are on a clear path to achieve our previously announced capita objectives as we intensifyg our focus onthe future," said Jamesa M.
Wells III, SunTrust chairman and CEO, in a Wells also noted completion ofthe company's capital-related initiatives will boost its ability to repay, upon regulator y approval and at the appropriate time, preferred stock gotten through participation in the U.S. Treasury's Capita l Purchase Plan.