UPDATE 1-SunTrust reduces preferred stock buyback
* SunTrust has raised $2.08 billion
* Bank took $4.9 billion from TARP
NEW YORK, June 15 (Reuters) - SunTrust Banks Inc (STI.N) said in a filing on Monday it is cutting to $750 million a planned $1 billion preferred stock purchase.
The Atlanta-based lender had said June 1 it would raise common equity by buying back up to $1 billion of preferred and hybrid securities for cash as part of a wider capital-raising plan.
Federal regulators told the Southeast regional bank to raise $2.2 billion of equity capital after completing stress tests of the bank last month.
SunTrust a week ago said it had raised $2.08 billion of equity since early May. The bank received $4.9 billion in funds from the U.S. government's Troubled Asset Relief Program.
Shares in SunTrust closed Friday at $16.69. (Reporting by Elinor Comlay; Editing by Brian Moss)
