SunTrust Banks (STI) Announces New Capital Actions; Will Sell Coca-Cola Shares, Transfer $3B of Loans
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SunTrust Banks (STI) Announces New Capital Actions; Will Sell Coca-Cola Shares, Transfer $3B of Loans
September 6, 2012 4:16 PM EDTSunTrust Banks, Inc. (NYSE: STI) today announced a series of actions in the third quarter 2012 that better position the Company for the future.
Summary of ActionsSunTrust accelerated the termination of the agreements regarding the shares owned in The Coca-Cola Company. This will generate a third quarter pre-tax gain of approximately $1.9 billion.
In light of ongoing discussions with Fannie Mae and Freddie Mac, the Company expects to record an estimated $375 million mortgage repurchase provision during the quarter. This action increases the mortgage repurchase reserve to a level that is... More
