SunTrust Banks, Inc. announced Wednesday that the Federal Reserve has completed its review of the Company's capital plan submitted in connection with the 2014 Comprehensive Capital Analysis and Review and has no objections to the planned capital actions. The capital actions, subject to the approval of SunTrust's Board of Directors, include:

• An increase in the quarterly common stock dividend from $0.10 per share to $0.20 per share, beginning in the second quarter of 2014;
• The repurchase of up to $450 million of the Company's outstanding common stock to be completed between the second quarter of 2014 and the first quarter of 2015;
• Maintaining dividend payments on the Company's preferred stock.

"We are pleased to move ahead with our plans to increase the return of capital to our shareholders through a higher common stock dividend and a larger share repurchase program," said William H. Rogers, Jr., chairman and chief executive officer of SunTrust Banks, Inc. "We remain committed to driving further improvements in our business performance and delivering long-term value to our shareholders."