SunTrust Set to Repay TARP Aid
Press release from the issuing company
Monday, March 21st, 2011
SunTrust Banks outlined its plan Friday to repay taxpayers for the nearly $5 billion in federal aid it received during the financial crisis.
To raise cash for the repayment plan, the Atlanta-based regional bank began selling $1 billion in new stock, and will soon issue $1 billion in new debt.
SunTrust is the largest U.S. bank yet to pay off its Troubled Asset Relief Program bailout.
Chris Marinac, bank analyst with FIG Partners in Atlanta, said SunTrust weathered criticism for not following the repayment path of other big banks and issuing shares at steep discounts during the depths of the financial shock.
