Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 415

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7A
Chunk 415
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 are non-cumulative and payable when declared by the Company’s Board or a duly authorized committee of the Board. The Company issued depositary shares, each of which represents a fractional ownership interest in a share of the Company’s preferred stock. The preferred stock has no stated maturity, and redemption is solely at the option of the Company in whole or in part after the earliest redemption date at the liquidation preference plus declared and unpaid dividends. Prior to the redemption date, the Company has the option to redeem in whole, but not in part, upon the occurrence of a regulatory capital treatment event. The following table presents a summary of the non-cumulative perpetual preferred stock as of December 31, 2024:Preferred Stock Issue(Dollars in millions)Issuance DateEarliest Redemption DateLiquidation AmountCarrying AmountDividend RateDividend PaymentsSeries I12/6/2019(1)12/15/2024$173 $168 Variable(2)QuarterlySeries J12/6/2019(1)12/15/2024103 92 Variable(3)QuarterlySeries M12/6/2019(1)12/15/2027500 516 5.125 %(4)Semi-annually(8)Series N7/29/20199/1/20241,700 1,683 Variable(5)Semi-annuallySeries O5/27/20206/1/2025575 559 5.250 %QuarterlySeries P6/1/20209/1/20251,000 992 4.950 (6)Semi-annuallySeries Q6/19/20203/1/20301,000 992 5.100 (7)Semi-annuallySeries R8/3/20209/1/2025925 905 4.750 QuarterlyTotal  $5,976 $5,907  (1)Converted security from previously issued SunTrust preferred stock. Each outstanding share of SunTrust perpetual preferred stock was converted into the right to receive one share of an applicable newly issued series of Truist preferred stock having substantially the same terms as such share of SunTrust preferred stock.(2)Dividend rate is the greater of 4.00% or 3-month SOFR plus 0.79161%. Prior to the transition to SOFR, the dividend rate was the greater