SunTrust to raise $1.4 billion in stock offer - Dallas Business Journal:

http://www.ukwigan.com/user_detail.php?u=mybeathlietty
billion through a stock offering to boost its capital to meet federalgovernmentf requirements, the Atlanta-based bank said Monday. The Atlanta-based bank wants to sell 108 millio n sharesat $13 a share. In relation to the SunTrust (NYSE: STI) suspended its previouslh announced $1.25 billion “at the offer, which raised $260 million. SunTrust began an offer to buy upto $1 billio liquidation preference or amount of certain of its currently outstandintg preferred and hybrid securities for cash using proceedsx from the $1.4 billion equity The moves come after the federaol government’s “stress test” found SunTrusr needed to raise $2.2 billion in capital.
And while SunTrustg had sufficient tier 1 capital to absorb projectedeloan losses, its capital “tiltee too strongly” to sources other than common the stress test revealed. Aftere completing the offerings announced Mondayand prior, SunTrusf expects to have fully satisfied its obligation. "Today'ss announcement underscores that we are on a clear path to achievw our previously announced capital objectivezs as we intensify our focus onthe future," said Jameas M. Wells III, SunTrust chairman and CEO, in a statement.
Welles also noted completion ofthe company'sz capital-related initiatives will boost its ability to repay, upon regulatory approval and at the appropriate time, preferredf stock gotten through participation in the U.S. Treasury'se Capital Purchase Plan.