SunTrust to raise $1.4B in stock offer - Minneapolis / St. Paul Business Journal:

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billion through a stock offering in an effortt to meet federal requirements for the bank toadd capital. In relatioh to the offering, SunTrust suspended its previouslyannouncecd $1.25 billion “at the market” which raised $260 In addition, the Atlanta-basec bank is offering to purchase some outstanding The moves come after the federal government’s “stress test” found SunTrust needed to raise $2.2 billion in additionaol capital.
And while SunTrust had sufficient Tier 1 capita to absorb projectedloan losses, its capital “tilted too strongly” to sourcex other than common the stress test After completing the offerings announced Monday and previously, SunTrust expects to have fullty satisfied its obligation. “Today’s announcement underscores that we are on a cleae path to achieve our previouslt announced capital objectives as we intensify our focus on the says Chief Executive JamesWells III. Wells noted completionm of the company’s capital-related initiatives will boost its ability to retire preferred stock issuee through participation inthe U.S. Treasury’ s Capital Purchase Plan.
Amonfg its operations, SunTrust has 50 branches within 50 milesof