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SunTrust cleared to boost dividend to 10c from 5c, repurchase $200M in stock

SunTrust Banks announced that the Federal Reserve has completed its review of the company's capital plan submitted in connection with the 2013 Comprehensive Capital Analysis and Review and has no objections to the planned capital actions. The capital actions include: an increase in the quarterly common stock dividend to 10c from 5c, beginning in Q2; the repurchase of up to $200M of the company's outstanding common stock to be completed between Q2 and 1Q14. The board previously authorized the $200M share repurchase, and the board is expected to consider the dividend increase at its meeting in April.