SunTrust Commences $1 Billion Common Stock Offering and Plans to Repurchase TARP Preferred Stock

SunTrust Banks, Inc. STI announced that the Federal Reserve has completed its review and has not objected to SunTrust's capital plan submitted in connection with the Comprehensive Capital Analysis and Review (CCAR). The Company also said it has commenced an approximate $1 billion common stock offering today, a key step in the Company's planned repurchase of its preferred stock issued to the U.S. Treasury under the Troubled Asset Relief Program's (TARP) Capital Purchase Program.

Subject to approval by the U.S. Treasury, SunTrust intends to use the net proceeds of this offering, together with those of a planned $1 billion senior debt offering and other available funds, to repurchase its $3.50 billion of Fixed Rate Cumulative Preferred Stock, Series C and $1.35 billion of Fixed Rate Cumulative Preferred Stock, Series D issued under TARP.