CHARLOTTE, N.C., Nov. 1, 2024
/PRNewswire/ -- Truist Financial Corporation (the "Company") today
announced that it has submitted a redemption notice to U.S. Bank,
National Association (the "Depositary") for the full redemption of
all 7,500 issued and outstanding shares of the Company's Perpetual
Preferred Stock, Series L (the "Preferred Stock") and all 750,000
issued and outstanding shares of the related depositary shares,
each representing a 1/100 th interest in a share of the
Preferred Stock (the "Series L Depositary Shares"), on the
redemption date of Dec. 16, 2024 (the
"Redemption Date").
The Company will redeem the Preferred Stock at a cash redemption
price equal to $100,000 per share
plus any accrued and unpaid dividends to the Redemption Date (the
"Preferred Stock Redemption Price"). The Series L Depositary Shares
(CUSIP: 89832QAB5) will be redeemed for cash at a redemption price
representing 1/100th of the Preferred Stock Redemption
Price, or $1,000 per depositary share
plus any accrued and unpaid dividends to the Redemption Date.
Regular dividends on the outstanding shares of the Preferred Stock
and the Series L Depositary Shares will be paid separately to
holders of record as of Nov. 8, 2024,
in the customary manner.
Unless the Company defaults in the payment of the Preferred
Stock Redemption Price to the Depositary, the Preferred Stock and
the Series L Depositary Shares will no longer be outstanding after
the Redemption Date and all rights of the holders of the Preferred
Stock and the Series L Depositary Shares shall cease and terminate.
In addition, regular quarterly dividends for each of the Preferred
Stock and Series L Depositary Shares will also be paid on
Dec. 16, 2024.
About Truist
Truist Financial Corporation (NYSE: TFC)
is a purpose-driven financial services company committed to
inspiring and building better lives and communities. As a leading
U.S. commercial bank, Truist has leading market share in many of
the high-growth markets across the country. Truist offers a wide
range of products and services through our wholesale and consumer
businesses, including consumer and small business banking,
commercial banking, corporate and investment banking, wealth
management, payments, and specialized lending businesses.
Headquartered in Charlotte, North
Carolina, Truist is a top-10 commercial bank with total
assets of $523 billion as of
Sep. 30, 2024. Truist Bank, Member
FDIC. Learn more at Truist.com.
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SOURCE Truist Financial Corporation