SunTrust Real Estate Investment Corporation to redeem all $100 Million of its Series B Non-Cumulative Exchangeable Preferred Stock
CHARLOTTE, NC, February 26, 2021 / PRNewswire / – SunTrust Real Estate Investment Corporation, an indirect subsidiary of Truist Bank, announced today that it will redeem on the redemption date all 1,000 outstanding shares of its non-cumulative exchangeable preferred stock (CUSIP 86788X203) March 31, 2021.
The redemption price for the preference shares is $ 100,000 per share. Regular dividends on the outstanding shares of the preference shares are paid separately and in the usual way for the entire current half-yearly dividend period March 31, 2021 to the holder of the record on the March 15, 2021 Date of recording. Accordingly, the redemption price for the preferred shares does not include any accrued or unpaid dividends. On and after the redemption day, all dividends are no longer due on the preferred shares intended for redemption.
The preference shares are held through The Depository Trust Company (DTC) and redeemed in accordance with DTC’s procedures. As a nominee for DTC, Cede & Co. is the only record holder of all outstanding preference shares and receives the total redemption price for payment to the beneficial owners. Payment of the preference shares to DTC will be made by Computershare Trust Company, NA, as the redemption agency.
Truist Financial Corporation (NYSE: TFC) is a purpose-driven financial services company dedicated to inspiring and building better lives and communities. Truist was formed through the historic merger of BB&T and SunTrust and has a leading market share in many of the country’s high-growth markets. The company offers a wide range of services including residential, small business and corporate customers. Asset management; Capital markets; Commercial real estate; Corporate and institutional banking; Insurance; Mortgage; Payments; specialized lending; and asset management. Headquarters in Charlotte, North CarolinaTruist is the sixth largest commercial bank in the US with total assets of $ 509 billion As of December 31, 2020. Truist Bank, member of FDIC. Learn more at Truist.com.
SOURCE Truist Financial Corporation