SunTrust Banks Inc. said Monday that it is reducing by 25% a tender offer to buy certain securities.
The $179.1 billion-asset Atlanta company said in a regulatory filing that it will now buy up to $750 million of preferred and hybrid stock rather than the $1 billion specified on June 1. The offer is part of a broader effort to raise $2.2 billion to satisfy capital requirements after the government's stress testing.
SunTrust said last week that it has raised $2.08 billion of the required funds. It also got $4.9 billion last year from the Treasury Department's Troubled Asset Relief Program.