SunTrust, KeyCorp Raise $1.67 Billion to Repay U.S. Bailouts
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SunTrust Banks Inc. and KeyCorp, regional U.S. lenders that accepted taxpayer-funded bailouts, raised a total of about $1.67 billion through share sales as they prepare to repay the government.
SunTrust sold 35.3 million shares of common stock for $29.50 each to raise $1.04 billion, data compiled by Bloomberg show. Cleveland-based KeyCorp, Ohio’s second-biggest bank, sold