SunTrust 2014 Annual Report Download - page 44

21
Share Repurchases
SunTrust did not repurchase any shares of Series A Preferred
Stock Depositary Shares, Series B Preferred Stock, Series E
Preferred Stock Depositary Shares, Series F Preferred Stock
Depositary Shares, or warrants to purchase common stock during
the year ended December 31, 2014, and there was no unused
Board authority to repurchase any shares of Series A Preferred
Stock Depositary Shares, Series B Preferred Stock, Series E
Preferred Stock Depositary Shares, or the Series F Preferred
Stock Depositary Shares.
On September 12, 2006, SunTrust issued and registered
under Section 12(b) of the Exchange Act, 20 million depositary
shares, each representing a 1/4,000th interest in a share of
Perpetual Preferred Stock, Series A. In 2011, the Series A
Preferred Stock became redeemable at the Company’s option at
a redemption price equal to $100,000 per share, plus any declared
and unpaid dividends.
On March 30, 2011, the Company repurchased $3.5 billion
of Fixed Rate Cumulative Preferred Stock-Series C, and $1.4
billion of Fixed Rate Cumulative Preferred Stock-Series D,
which was issued to the U.S. Treasury under the CPP. Warrants
to purchase common stock issued to the U.S. Treasury in
connection with the issuance of Series C and D preferred stock
remained outstanding. The Board authorized the Company to
repurchase all of the remaining outstanding warrants to purchase
our common stock that were issued to the U.S. Treasury in
connection with its investment in SunTrust Banks, Inc. under the
CPP. On September 28, 2011, the Company purchased and
retired 4 million warrants to purchase SunTrust common stock
in connection with the U.S. Treasury's resale, via a public
secondary offering of the warrants that the Treasury held. At
December 31, 2014, 13.9 million warrants remained outstanding
and the Company had authority from its Board to repurchase all
of the 13.9 million outstanding stock purchase warrants.
However, any such repurchase would be subject to the prior
approval of the Federal Reserve through the capital planning and
stress testing process.
On December 15, 2011, SunTrust issued 1,025 shares of
Perpetual Preferred Stock-Series B, no par value and $100,000
liquidation preference per share (the "Series B Preferred Stock")
to SunTrust Preferred Capital I. The Series B Preferred Stock by
its terms is redeemable by the Company at $100,000 per share
plus any declared and unpaid dividends.
On December 13, 2012, SunTrust issued depositary shares
representing ownership interest in 4,500 shares of Perpetual
Preferred Stock-Series E, no par value and $100,000 liquidation
preference per share (the "Series E Preferred Stock"). The Series
E Preferred Stock by its terms is redeemable by the Company at
$100,000 per share plus any declared and unpaid dividends.
On November 4, 2014, SunTrust issued depositary shares
representing ownership interest in 5,000 shares of Perpetual
Preferred Stock-Series F, no par value and $100,000 liquidation
preference per share (the "Series F Preferred Stock"). The Series
F Preferred Stock by its terms is redeemable after 2019 by the
Company at $100,000 per share plus any declared and unpaid
dividends.