Join        Login             Stock Quote

SunTrust Announces Redemption of Certain Trust Preferred Securities

Monday, April 30, 2012 4:35 PM

ATLANTA, April 30, 2012 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) announced today that it will redeem in whole at par certain trust preferred securities issued by predecessor institutions including all of the outstanding:

(i)   Southern Heritage Bancorp, Inc. Floating Rate Junior Subordinated Deferrable Interest Debentures issued June 26, 2003, due 2034, CUSIP 203306GB1 (the "Southern Heritage Notes"), which will be redeemed June 26, 2012;

(ii)  GB&T Bancshares, Inc. Floating Rate Junior Subordinated Deferrable Interest Debentures issued October 30, 2002, due 2032, CUSIP 203210GB1 (the "GB&T I Notes"), which will be redeemed June 30, 2012; and

(iii) GB&T Bancshares, Inc. Floating Rate Junior Subordinated Deferrable Interest Debentures issued July 22, 2004, due 2034, CUSIP 203407GB2 (the "GB&T II Notes", together with the Southern Heritage Notes and GB&T I Notes, the "Notes"), which will be redeemed June 30, 2012.

The aggregate principal amount of the Notes outstanding is approximately $29,000,000.  The complete terms and conditions of the redemption are as set forth in SunTrust's notice to holders of the Notes dated May 1.

Under the terms of the indentures related to the Notes, all of the Notes contained a redemption option that could be exercised by SunTrust Banks, Inc. after a certain date, which date, with respect to all of the Notes, has passed. 

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any security.

SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients.  As of March 31, 2012, SunTrust had total assets of $178.2 billion and total deposits of $130.0 billion.  The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels.  The Company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services.  Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and investment banking services.  SunTrust's Internet address is suntrust.com.

SOURCE SunTrust Banks, Inc.

(Source: PR Newswire )
(Source: Quotemedia)


Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.