SunTrust Banks Inc. became the latest bank since the completion of the stress tests to outline how it will build capital, with plans to sell $1.25 billion in common stock while cutting its dividend 90%.
The Atlanta company also said it could sell up to $300 million in securities and other assets in response to a requirement that it raise $2.2 billion.
James Wells 3rd, the chairman and chief executive of the $179 billion-asset SunTrust, said in a press release Friday the moves eventually should allow the company to exit the Troubled Asset Relief Program and "actively pursue the opportunities that will come with a resumption of economic growth."
