Summary
Truist Financial Corporation (TFC) has announced a significant event concerning its indirect subsidiary, SunTrust Real Estate Investment Corporation. On February 26, 2021, the company disclosed plans to redeem all 1,000 outstanding shares of its Series B Non-Cumulative Exchangeable Preferred Stock. This redemption is scheduled to occur on March 31, 2021, marking the cessation of all dividend accruals on these specific preferred shares from that date forward. Investors holding this preferred stock should note that regular dividends for the current semiannual period will be paid on the redemption date, March 31, 2021, to shareholders of record as of March 15, 2021. This action primarily affects a specific class of preferred stock within a subsidiary and is being disclosed under Regulation FD to ensure all market participants receive timely and equal information.
Key Highlights
- 1Truist Financial Corp (TFC) subsidiary, SunTrust Real Estate Investment Corporation, is redeeming its Series B Non-Cumulative Exchangeable Preferred Stock.
- 2All 1,000 outstanding shares of this preferred stock will be redeemed.
- 3The redemption date is set for March 31, 2021.
- 4Full semiannual dividends will be paid on March 31, 2021, to shareholders of record on March 15, 2021.
- 5Dividend accrual on the redeemed preferred stock will cease on and after March 31, 2021.
- 6This event is disclosed under Regulation FD, ensuring broad and simultaneous public disclosure.
- 7The announcement was made via a press release attached as Exhibit 99.1.