SunTrust Banks (STI) 2016 Capital Plan Includes Quarterly Dividend of 24c, Buyback of $960M

SunTrust Banks, Inc. (NYSE: STI) announced today that the Federal Reserve has completed its review of the Company's capital plan submitted in connection with the 2016 Comprehensive Capital Analysis and Review (CCAR) and has no objections to the planned capital actions. The capital actions, subject to the approval of SunTrust's Board of Directors and anticipated to cover four quarters, include:

• An 8% increase in the quarterly common stock dividend from $0.24 per share to $0.26 per share, beginning in the third quarter of 2016;
• Authorization to repurchase $960 million of outstanding common stock between July 1, 2016 and June 30, 2017 (a 37% increase in the average quarterly repurchase amount compared to the previous authorization);
• Maintaining dividend payments on the Company's preferred stock.

"Our strong capital position and improved financial performance have enabled us to deliver a key component of the investment thesis in SunTrust – increasing the return of capital to our shareholders," said William H. Rogers, Jr., chairman and CEO of SunTrust Banks, Inc. "We are building on the momentum we've generated and are focused on continuing to serve our clients and communities to generate long-term value for our shareholders."

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