Prospectus excerpt: Each of the 18,000,000 depositary shares offered hereby represents a 1/4,000th ownership interest in a share of Perpetual Preferred Stock, Series E (the ÙSharesˆ or the ÙSeries E Preferred Stockˆ), $100,000 liquidation preference per share (equivalent to $25 per depositary share), of SunTrust Banks, Inc. deposited with U.S. Bank National Association, as depositary. The depositary shares are evidenced by depositary receipts. As a holder of depositary shares, you are entitled to all proportional rights and preferences of the Series E Preferred Stock (including dividend, voting, redemption and liquidation rights). You must exercise such rights through the depositary.
Holders of Series E Preferred Stock will be entitled to receive dividend payments only when, as and if declared by our board of directors or a duly authorized committee of the board. Any such dividends will be payable from the date of original issue, quarterly in arrears on the 15th day of March, June, September and December of each year, commencing on March 15, 2013, at a rate per annum equal to 5.875%.
Dividends on the Shares will be non-cumulative. In the event dividends are not declared on Series E Preferred Stock for payment on any dividend payment date, then those dividends will not be cumulative and will not accrue or be payable, and if we have not declared a dividend before the dividend payment date for any dividend period, we will have no obligation to pay dividends for that dividend period, whether or not dividends on the Series E Preferred Stock are declared for any future dividend period.
On any dividend payment date occurring on or after March 15, 2018, we may redeem the Series E Preferred Stock, in whole or in part, at a redemption price of $100,000 per Share (equivalent to $25 per depositary share), plus any declared and unpaid dividends. In addition, we may redeem the Series E Preferred Stock, in whole but not in part, at any time within 90 days following a Regulatory Capital Event (as defined herein), at a redemption price of $100,000 per Share (equivalent to $25 per depositary share), plus any declared and unpaid dividends. The Series E Preferred Stock will not have voting rights, except as set forth under ÙDescription of Series E Preferred Stock?Voting Rightsˆ beginning on page S-23.