SunTrust to raise $1.4 billion in stock offer - The Business Review (Albany):

http://www.cocuklahayat.com/2009/08/yelken-hotel-spa-turgutreis-bodrum/
billion through a stock offerinh to boost its capital to meet federallgovernment requirements, the Atlanta-based bank said The Atlanta-based bank wants to sell 108 million shares at $13 a share. In relatiob to the offering, SunTrust (NYSE: STI) suspended its previously announcerd $1.25 billion “at the market” which raised $260 million. Further, SunTrusg began an offer to buy upto $1 billiob liquidation preference or amounty of certain of its currently outstanding preferred and hybrid securitiesd for cash using proceeds from the $1.4 billio equity offering. The moves come after the federal government’s “stressz test” found SunTrust needed to raisee $2.
2 billion in capital. And whilew SunTrust had sufficient tier 1 capital to absorbb projectedloan losses, its capital “tilted too to sources other than common the stress test revealed. Aftert completing the offerings announced Mondayand prior, SunTrus t expects to have fully satisfied its obligation. "Today's announcement underscores that we are on a clear path to achievde our previously announced capital objectiveas as we intensify our focusz onthe future," said Jamees M.
Wells III, SunTrust chairman and CEO, in a Wells also noted completion ofthe company's capital-relatedf initiatives will boost its ability to repay, upon regulatory approvaol and at the appropriate time, preferred stocok gotten through participation in the U.S. Treasury's Capita l Purchase Plan.