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ATLANTA, March 18, 2011 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) announced that the Federal Reserve has completed its review and has not objected to SunTrust's capital plan submitted in connection with the Comprehensive Capital Analysis and Review (CCAR). The Company also said it has commenced an approximate $1 billion common stock offering today, a key step in the Company's planned repurchase of its preferred stock issued to the U.S. Treasury under the Troubled Asset Relief Program's (TARP) Capital Purchase Program.
Subject to approval by the U.S. Treasury, SunTrust intends to use the net proceeds of this offering, together with those of a planned $1 billion senior debt offering and other available funds, to repurchase its $3.50 billion of Fixed Rate Cumulative Preferred Stock,...
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Summit Financial Group Inc., the corporate parent of Summit Community Bank, plans to raise $6 million in equity capital by offering current shareholders preferred stock that will pay an 8 percent dividend.
Robert Tissue, Summit's senior vice president and chief financial officer, said the additional capital will be used to strengthen the company's capital base, for general corporate purposes, and to provide for future company growth.
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From 2001 through 2007, real estate investment trusts ("REITs") conducted a total of 272 public offerings of preferred stock, an average of nearly 39 ...
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NEW YORK -- Fitch Ratings has affirmed the credit ratings of Public Storage (NYSE: PSA) and its affiliate Shurgard Storage Centers LLC (collectively, ...
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NEW YORK -- Fitch Ratings has upgraded the credit ratings of PS Business Parks, Inc. (NYSE:PSB) and its operating partnership, PS Business Parks, L.P....
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Provides instructive guidelines for interpreting complex preferred stock provisions
Preferred stock provisions have been the subject of countless ju...
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CLEVELAND, March 18, 2011 /PRNewswire/ -- KeyCorp (NYSE: KEY) announced today it has commenced an underwritten public offering of $625 million of its common stock in connection with its plan to repurchase the $2.5 billion of the Series B Fixed-Rate Cumulative Perpetual Preferred Stock it issued to the U.S. Treasury under the TARP Capital Purchase Program. Key is proceeding with these capital actions pursuant to its capital plan (the "Plan") submitted to the Federal Reserve on January 7, 2011. Today, the Federal Reserve informed Key that it had no objections to the capital actions set forth in the Plan.
Key also intends to promptly commence a separate registered public offering of senior notes. Proceeds from both offerings, together with other available funds, will be used to repurchase ...
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Fourth Quarter Highlights
* Net loss of $9.9 million compared to net income of $0.1 million for fourth quarter of 2009
* Diluted loss per common s...