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

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billion through a stock offering to boostf its capital to meet federa lgovernment requirements, the Atlanta-based bank said The Atlanta-based bank wants to sell 108 million shares at $13 a In relation to the offering, SunTrust STI) suspended its previously announced $1.2t5 billion “at the market” offer, which raised $260 Further, SunTrust began an offer to buy up to $1 billiobn liquidation preference or amount of certain of its currently outstandinvg preferred and hybrid securities for cash usingy proceeds from the $1.4 billioh equity offering. The movese come after the federal government’s “stress test” found SunTrust needed to raisw $2.
2 billion in capital. And whil e SunTrust had sufficient tier 1 capital to absorbv projectedloan losses, its capital “tilted too strongly” to sourceds other than common the stress test revealed. After completingh the offerings announced Mondayand prior, SunTrusf expects to have fully satisfied its "Today's announcement underscores that we are on a cleae path to achieve our previouslyh announced capital objectives as we intensify our focus on the said James M.
Wells III, SunTrust chairman and CEO, in a Wells also noted completion ofthe company's capital-related initiatives will boosrt its ability to repay, upon regulatory approval and at the appropriate time, preferred stock gotten througb participation in the U.S. Treasury's Capital Purchase