SunTrust Banks Inc. said Tuesday that its board has voted a 38% increase in the annual common stock dividend, to $1.38 a share. A quarterly payout of 34.5 cents per share was declared payable March 15 to shareholders of record on March 1.

The $93 billion-asset SunTrust said the new quarterly dividend payment on outstanding shares totals approximately $111 million. The company reported Jan. 12 that diluted operating earnings per share rose 12% in 1998, to $3.41.

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