The Treasury Department on Wednesday announced its intention to dispose of warrant positions in SunTrust Banks Inc. and Webster Financial Corp.

The department received the warrants in consideration for investments made under the Troubled Asset Relief Program. Each company has repurchased the Treasury's preferred stock investment.

Over the next several weeks, the Treasury intends to conduct auctions to sell the warrant positions. The warrants will be sold through public offerings, using a method that sets a market price by allowing investors to submit bids above a minimum price specified for each auction.

The Treasury has 17.9 million warrants in Sun Trust and 3.28 million in Webster. The strike price on one set of SunTrust warrants, 11.89 million, is $44.15, with an expiration date of Nov. 14, 2018. The strike price on the other set, 6.01 million, is $33.70, with an expiration date of Dec. 31, 2018. The strike price on the Webster warrants is $18.28, with an expiration date of Nov. 21, 2018.

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