Regions Financial and SunTrust Banks at Different Stages of Recovery
April 08 2011 - 8:16AM
Marketwired
With much of the sector posting consistent profits as commercial
real estate-related loan losses are easing, the number of Regional
Banks still owing TARP money has shrunk considerably. Repaying TARP
money leads to fewer capital constraints placed on the banks. In
fact, the Fed explained that banks which have yet to repay the
government bailout money received through the US Treasury
Department's Troubled Assets Relief Program will not be allowed to
increase their dividend payments. The Bedford Report examines the
outlook for companies in the Regional Banking Sector and provides
research reports on Regions Financial Corporation (NYSE: RF) and
SunTrust Banks, Inc. (NYSE: STI). Access to the full company
reports can be found at:
www.bedfordreport.com/2011-04-RF
www.bedfordreport.com/2011-04-STI
After the release of the Federal Reserve's much-awaited stress
test results last month, SunTrust received the authorization to
raise capital. In late March, SunTrust Banks announced that it
completed the repayment of $4.85 billion in TARP funds from the
government's financial system rescue program. SunTrust financed its
TARP repayment primarily through proceeds from a $1.04 billion
stock offering and $1 billion debt offering that it completed. The
company funded the remaining dues from its available cash.
The Bedford Report releases regular market updates on the
Regional Banking sector so investors can stay ahead of the crowd
and make the best investment decisions to maximize their returns.
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Regions Financial remains the only bank still owing TARP dues
among those that were subject to the Federal Reserve's stress
tests. Regions Financial says that it hasn't proposed any immediate
move to repay the $3.5 billion it received from the government's
rescue program. The bank added that it "continues to believe a
return to sustainable profitability and continuing improvement in
asset quality are key conditions that will enable repayment of
TARP."
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