SunTrust Announces Review of Capital Plan Complete
ATLANTA, Aug. 22, 2012 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) announced that the Federal Reserve has not objected to the Company's capital plan, which SunTrust submitted in June in connection with the Comprehensive Capital Analysis and Review (CCAR). As previously disclosed, in this capital plan the Company did not request an increase in its common stock dividend or the repurchase of shares of its common stock in 2012. As announced in March, the Federal Reserve did not object to certain other capital actions following its review of the Company's capital plan submitted in January. Those actions included the redemption of certain trust preferred securities, which the Company subsequently completed, and continuation of the current $0.05 per share quarterly dividend on SunTrust's common stock. SunTrust expects to reevaluate its capital deployment alternatives as part of the 2013 CCAR process.
SunTrust Banks, Inc., headquartered in Atlanta, 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. Through its flagship subsidiary, SunTrust Bank, the Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and investment banking services. SunTrust's Internet address is suntrust.com.
SOURCE SunTrust Banks, Inc.