SunTrust Announces First Buyback Since Crisis After Stress Test

SunTrust Banks Inc., Georgia’s biggest lender, announced its first common-stock buyback since the financial crisis after its capital plan was approved today by the Federal Reserve.

SunTrust will repurchase as much as $200 million of shares and double its quarterly dividend to 10 cents a share, The Atlanta-based lender said today in a statement. The bank last announced common-stock repurchases in 2007.

To contact the reporters on this story: Zachary Tracer in New York at ztracer1@bloomberg.net; Laura Marcinek in New York at lmarcinek3@bloomberg.net.

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.

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