SunTrust Banks Inc. said Monday it has received preliminary approval from the Treasury Department for a $3.5 billion investment under the government's capital purchase program.
The bank said it plans to use the capital to expand lending and other business capabilities, and may also explore potential acquisitions.
"Our participation in the Capital Purchase Program enhances SunTrust's already solid capital position and will permit us to further expand our business and take advantage of growth opportunities," James M. Wells III, chairman, president and chief executive, said in a statement.
The investment will be made in the form of a sale …
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