SunTrust to raise $1.4 billion in stock offer - Pittsburgh Business Times:

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billion through a stock offering to boosft its capital to meet federalgovernment requirements, the Atlanta-based bank said The Atlanta-based bank wants to sell 108 milliohn shares at $13 a share. In relatio to the offering, SunTrust (NYSE: STI) suspendedr its previously announced $1.25 billion “at the offer, which raised $260 Further, SunTrust began an offet to buy upto $1 billion liquidation preferencwe or amount of certain of its currentlyg outstanding preferred and hybrid securities for cash usinyg proceeds from the $1.4 billion equithy offering. The moves come aftee the federal government’s “stress found SunTrust needed toraisd $2.2 billion in capital.
And whilee SunTrust had sufficient tier 1 capital to absorb projectefdloan losses, its capital “tilted too to sources other than common equity, the stress test After completing the offerings announceed Monday and prior, SunTrust expects to have fully satisfied its "Today's announcement underscores that we are on a cleadr path to achieve our previously announced capital objectives as we intensify our focusa on the future," said James M. Wells III, SunTrusg chairman and CEO, in a statement.
Wells also noted completiojn ofthe company's capital-related initiatives will boost its ability to upon regulatory approval and at the appropriatwe time, preferred stock gotten through participation in the U.S. Treasury's Capital Purchasse Plan.