SunTrust Banks Inc. (STI) Thursday announced a stock buyback and a dividend increase after the Federal Reserve cleared the company's capital plans.
The move came after the Federal Reserve did not object to the company's capital plan in its 2013 Comprehensive Capital Analysis and Review.
The Atlanta, Georgia-based bank will repurchase shares of up to $200 million to be completed between the second quarter of 2013 and the first quarter of 2014. The company will also increase its dividend from $0.05 to $0.10, beginning in the second quarter of 2013. The company will maintain dividend payments on the company's preferred stock.
The SunTrust Board of Directors is expected to consider the dividend increase and preferred dividend payments at its upcoming meeting in April.
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