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 1/100^th 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

Truist announces redemption of Series L Depositary Shares