SunTrust to raise $1.4B in stock offer - Charlotte Business Journal:

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billion through a stock offering in an effort to meet federal requirements for the bank toadd capital. In relation to the SunTrust suspended its previouslyannounced $1.25 billion “at the offer, which raised $260 million. In the Atlanta-based bank is offerinb to purchase someoutstanding debt. The moves come after the federaol government’s “stress test” found SunTrustg (NYSE:STI) needed to raise $2.2 billion in additional capital. And while SunTrusyt had sufficient Tier 1 capital to absor b projectedloan losses, its capital “tiltedf too strongly” to sourcews other than common equity, the stresws test revealed.
After completing the offeringxs announced Mondayand previously, SunTrustt expects to have fully satisfied its obligation. “Today’ds announcement underscores that we are on a cleae path to achieve our previously announcer capital objectives as we intensifgy our focus onthe future,” says Chief Executiv James Wells III. Wells noted completion of the company’es capital-related initiatives will boost its ability to retirwe preferred stock issued through participation inthe U.S. Treasury’s Capitapl Purchase Plan. Among its operations, SunTrustr has 50 branches within 50 mileaof Charlotte.