SunTrust Records Profit, TARP Repayment Could be Next
Press release from the issuing company
Monday, January 24th, 2011
SunTrust Banks turned its second straight quarterly profit in the final three months of 2010, and it signaled Friday it will likely sell new shares to pay off its government debts.
SunTrust, which accepted nearly $5 billion in assistance through the Troubled Asset Relief Program, is the largest bank that hasn’t fully repaid the government. SunTrust Chairman and CEO James M. Wells III said repaying TARP and increasing the dividend to common shareholders are priorities.
