SunTrust Banks (STI) Increases Dividend to 10c, Will Repurchase up to $200M

March 14, 2013 4:47 PM EDT
SunTrust Banks, Inc. (NYSE: STI) today announced that the Federal Reserve has completed its review of the Company's capital plan submitted in connection with the 2013 Comprehensive Capital Analysis and Review ("CCAR") and has no objections to the planned capital actions. The capital actions include:

An increase in the quarterly common stock dividend from $0.05 to $0.10, beginning in the second quarter of 2013;

The repurchase of up to $200 million of the Company's outstanding common stock to be completed between the second quarter of 2013 and the first quarter of 2014;

Maintaining dividend payments on the Company's preferred stock.

The SunTrust Board of Directors is expected to consider the dividend increase and preferred dividend payments at its upcoming meeting in April. The Board previously authorized the $200 million share repurchase subject to the non-objection of the Company's capital plan by the Federal Reserve.

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