SunTrust Banks, Inc.today announced it acquired 4,008,902 warrants to purchase SunTrust common stock in an auction conducted on behalf of the U.S. Treasury by Deutsche Bank Securities on September 22, 2011. The warrants were issued by SunTrust to the U.S. Treasury in connection with its investment in SunTrust Banks, Inc. under the Capital Purchase Program. The price per warrant was $2.70, and the warrants acquired represent 67% of the 6,008,902 outstanding "A" warrants. The transaction is expected to close on or before Wednesday, September 28, 2011.

"We believe acquiring these warrants is a good investment for our shareholders to the degree that the warrants are retired and potential future shareholder dilution is avoided," said Aleem Gillani, SunTrust's Chief Financial Officer.