SunTrust Completes Repurchase of Preferred Stock Under TARP

Mar 30, 2011, 16:30 ET from SunTrust Banks, Inc.

ATLANTA, March 30, 2011 /PRNewswire/ -- SunTrust Banks. Inc. (NYSE: STI) today announced that it has completed its previously announced repurchase of $3.50 billion of Fixed Rate Cumulative Preferred Stock, Series C and $1.35 billion of Fixed Rate Cumulative Preferred Stock, Series D held by the United States Treasury under the Troubled Asset Relief Program's Capital Purchase Program.

SunTrust conducted a successful $1.04 billion common stock offering followed by a $1 billion senior debt offering earlier this month as key steps in its plans to repurchase the preferred stock issued under TARP.  

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 December 31, 2010, SunTrust had total assets of $172.9 billion and total deposits of $123.0 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

SOURCE SunTrust Banks, Inc.