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

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billion through a stock offering to boost its capital to meet federaogovernment requirements, the Atlanta-basecd bank said Monday. The Atlanta-basedf bank wants to sell 108 million sharesat $13 a In relation to the offering, SunTrust STI) suspended its previously announced $1.245 billion “at the market” offer, whicnh raised $260 million. Further, SunTrust begah an offer to buy upto $1 billion liquidation preferencd or amount of certain of its currently outstandinfg preferred and hybrid securitiesz for cash using proceeds from the $1.4 billion equity The moves come after the federal government’d “stress test” found SunTrust needed to raise $2.
2 billiomn in capital. And while SunTrust had sufficienr tier 1 capital to absorb projectedxloan losses, its capital “tiltedc too strongly” to sources other than common equity, the stresd test revealed. After completing the offerings announcerd Mondayand prior, SunTrust expects to have fully satisfied its obligation. "Today's announcemengt underscores that we are on a clear path to achievwe our previously announced capital objectivex as we intensify our focus onthe future," said Jamexs M.
Wells III, SunTrust chairman and CEO, in a Wells also noted completion ofthe company's capital-related initiatives will boosyt its ability to repay, upon regulatory approval and at the appropriated time, preferred stock gotten through participation in the U.S. Treasury'es Capital Purchase Plan.