ATLANTA, Nov. 16, 2011 /PRNewswire/ — SunTrust Banks, Inc. (NYSE: STI) announced today the successful remarketing of $102,497,000 aggregate principal amount of its Remarketable Junior Subordinated Notes due 2042 (the “Notes”). The remarketing resulted in the Company repurchasing all of the outstanding Notes. SunTrust Robinson Humphrey, Inc. acted as remarketing agent in connection with the remarketing. The Company originally issued the Notes to SunTrust Preferred Capital I, a Delaware statutory trust (the “Trust”), in connection with the offering of the Trust’s 5.853% Fixed-to-Floating Rate Normal PPS, liquidation amount $1,000 per security, in October 2006.

In connection with the remarketing, the interest rate on the Notes was reset to 4.392% per annum and the stated maturity shortened to December 15, 2015. The remarketing will settle on November 21, 2011. The net proceeds from the remarketing will be used to satisfy the obligations of the Trust under a stock purchase contract agreement, pursuant to which the Trust is obligated to purchase, and the Company is obligated to sell, on December 15, 2011, a total of 1,024.97 shares of the Company’s Perpetual Preferred Stock, Series B, $100,000 liquidation preference per share.

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any security.

SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation’s largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of September 30, 2011, SunTrust had total assets of $172.6 billion and total deposits of $126.3 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and investment banking services. SunTrust’s Internet address is suntrust.com.

SOURCE SunTrust Banks, Inc.