ATLANTA, Sept. 23, 2011 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) today announced it acquired 4,008,902 warrants to purchase SunTrust common stock in an auction conducted on behalf of the U.S. Treasury by Deutsche Bank Securities on September 22, 2011. The warrants were issued by SunTrust to the U.S. Treasury in connection with its investment in SunTrust Banks, Inc. under the Capital Purchase Program. The price per warrant was $2.70, and the warrants acquired represent 67% of the 6,008,902 outstanding "A" warrants. The transaction is expected to close on or before Wednesday, September 28, 2011.
"We believe acquiring these warrants is a good investment for our shareholders to the degree that the warrants are retired and potential future shareholder dilution is avoided," said Aleem Gillani, SunTrust's Chief Financial Officer.
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, 2011, SunTrust had total assets of $172.2 billion and total deposits of $124.9 billion. 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.