UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549	

 
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

  

			
Date of Report (Date of earliest event reported)    	 	June 29, 2016	

 

	
SunTrust Banks, Inc.	
(Exact name of registrant as specified in its charter)	

	
					
Georgia	 	001-08918	 	58-1575035	
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	

	
			
303 Peachtree St., N.E., Atlanta, Georgia	 	30308	
(Address of principal executive offices)	 	(Zip Code)	

	
		
Registrant's telephone number, including area code    	 (800) 786-8787	

 

	
Not Applicable	
(Former name or former address, if changed since last report)	

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other.

SunTrust Banks, Inc. (the “Registrant” or the “Company”) today announced that the Federal Reserve has completed its review of the Company’s capital plan submitted in connection with the 2016 Comprehensive Capital Analysis and Review (“CCAR”) and had no objections to the Registrant's planned capital actions. The Registrant issued a news release to this effect and disclosing its planned capital actions, a copy of which is filed as Exhibit 99.1 to this report and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits 

99.1.    News release dated June 29, 2016.

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	
						
 	 	 	 	 	SUNTRUST BANKS, INC.	
 	 	 	 	 	(Registrant)	
Date: June 29, 2016.	 	 	By:	 	/s/ David A. Wisniewski	
 	 	 	 	 	David A. Wisniewski, Senior Vice President,	
 	 	 	 	 	Deputy General Counsel and Assistant Secretary	

    

Exhibit 99.1

News Release
                                              
Contact:     
Investors          Media
Ankur Vyas        Mike McCoy
(404) 827-6714    (404) 588-7230
For Immediate Release 
 June 29, 2016

SunTrust to Increase Quarterly Common Stock Dividend
and Share Repurchase Program

ATLANTA -- SunTrust Banks, Inc. (NYSE: STI) announced today that the Federal Reserve has completed its review of the Company’s capital plan submitted in connection with the 2016 Comprehensive Capital Analysis and Review (CCAR) and has no objections to the planned capital actions. The capital actions, subject to the approval of SunTrust’s Board of Directors and anticipated to cover four quarters, include:

•	An 8% increase in the quarterly common stock dividend from $0.24 per share to $0.26 per share, beginning in the third quarter of 2016;	
		
•	Authorization to repurchase $960 million of outstanding common stock between July 1, 2016 and June 30, 2017 (a 37% increase in the average quarterly repurchase amount compared to the previous authorization);	
		
•	Maintaining dividend payments on the Company’s preferred stock.	

“Our strong capital position and improved financial performance have enabled us to deliver a key component of the investment thesis in SunTrust – increasing the return of capital to our shareholders,” said William H. Rogers, Jr., chairman and CEO of SunTrust Banks, Inc. “We are building on the momentum we’ve generated and are focused on continuing to serve our clients and communities to generate long-term value for our shareholders.”

About SunTrust Banks, Inc.
SunTrust Banks, Inc. is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses and communities it serves. Headquartered in Atlanta, the company has three business segments: Consumer Banking and Private Wealth Management, Wholesale Banking, and Mortgage. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate and institutional clients nationally. As of March 31, 2016, SunTrust had total assets of $194 billion and total deposits of $152 billion. The company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.