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SunTrust Sells $1.04B Stock To Repay TARP

Bank holding company, SunTrust Banks, has raised $1.04 billion in a share sale.

Bank holding company, SunTrust Banks,has raised $1.04 billion in a share sale, Bloomberg reports. The lender is seeking to use the proceeds from the sale to repay $4.85 billion in the U.S. bailout funds.

As a part of the agreement, the Atlanta-based bank has sold 35.3 billion of shares at $29.5 per share. The offering was led by Goldman Sachs, Morgan Stanley and SunTrust Robinson Humphrey.

Click here for the story from Bloomberg.

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