Truist announces redemption of 4.950% Series P Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock

Rhea-AI Summary

Truist Financial (NYSE:TFC) announced it will redeem all outstanding 4.950% Series P depositary shares (CUSIP 89832QAE9) on November 13, 2025 at a redemption price of $1,000.00 per share plus declared and unpaid dividends up to but excluding that date. The shares will be redeemed from retained earnings and, after the Redemption Date, will cease to be outstanding and will stop accruing dividends.

The company mailed the formal Redemption Notice to record holders on October 28, 2025 and provided Computershare contact details for additional copies.

Positive

• Redemption price fixed at $1,000.00 per depositary share
• Redemption date set for November 13, 2025
• Redemption funded from retained earnings, avoiding new borrowings

Negative

• Series P holders lose dividend rights after November 13, 2025
• Redemption reduces perpetual preferred capital supporting Tier 1 capital

Insights

Capital Markets Strategist

Truist will redeem its Series P preferred shares on November 13, 2025, retiring the securities at $1,000.00 each.

Redeeming the 4.950% Series P preferred stock removes the stated 4.950% dividend obligation on those shares and cancels holders' rights after the Redemption Date. The company will fund the redemption from retained earnings, returning a fixed principal amount to holders and stopping future non-cumulative dividend accruals.

The main dependencies are the number of shares outstanding and the company's retained earnings level; neither figure is disclosed here, so the direct balance-sheet impact cannot be quantified. Key risks include using retained earnings rather than new debt, which reduces equity cushions but avoids additional interest expense; monitor any subsequent disclosure of aggregate redemption cost and effects on regulatory capital over the next reporting cycle (next quarter-end filings).

CHARLOTTE, N.C., Oct. 28, 2025 /PRNewswire/ -- Truist Financial Corporation (the "Company") announced today that it has decided to call all of the outstanding Series P Depositary Shares related to its outstanding 4.950% Series P Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock (CUSIP #89832QAE9) (the "Series P Depositary Shares") for redemption on November 13, 2025 (the "Redemption Date"). The redemption price will be US$1,000.00 per Series P Depositary Share, plus declared and unpaid dividends up to but excluding the Redemption Date (the "Redemption Price"). On and after the Redemption Date, the Series P Depositary Shares so redeemed will no longer be deemed to be outstanding, dividends on such Series P Depositary Shares will cease to accumulate and all rights of the holders of such Series P Depositary Shares will cease, except for the right to receive the Redemption Price.

The Series P Depositary Shares will be redeemed from the Company's retained earnings.

The notice of redemption specifying the terms and procedures for the redemption (the "Redemption Notice") has been mailed to holders of record of the Series P Depositary Shares today. Requests for additional copies of the Redemption Notice should be directed to Computershare Trust Company, N.A., as follows:

• By mail: P.O. Box 43014, Providence, RI 02940-3014, Attention: Corporate Actions; or by overnight courier: 150 Royall Street, Canton, MA 02021, Attention: Corporate Actions; or by telephone at: (800) 546-5141.

This press release does not constitute a Redemption Notice under the Company's Restated Articles of Incorporation governing the Company's 4.950% Series P Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock and is qualified in its entirety by reference to the Redemption Notice issued by the Company.

About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Headquartered in Charlotte, North Carolina, Truist has leading market share in many of the high-growth markets in the U.S. and offers a wide range of products and services through wholesale and consumer businesses, including consumer and small business banking, commercial and corporate banking, investment banking and capital markets, wealth management, payments, and specialized lending businesses. Truist is a top-10 commercial bank with total assets of $544 billion as of September 30, 2025. Truist Bank, Member FDIC. Equal Housing Lender. Learn more at Truist.com.

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SOURCE Truist Financial Corporation

FAQ

What is Truist (TFC) redeeming on November 13, 2025?

Truist is redeeming all outstanding 4.950% Series P depositary shares (CUSIP 89832QAE9) on November 13, 2025.

How much will Truist (TFC) pay per Series P depositary share on redemption?

The redemption price is $1,000.00 per depositary share plus declared and unpaid dividends up to but excluding the Redemption Date.

Will Series P dividends continue after Truist (TFC) redeems the shares?

No. Dividends on redeemed Series P depositary shares will cease to accumulate on and after November 13, 2025.

How is Truist (TFC) funding the Series P redemption?

Truist said the Series P depositary shares will be redeemed from the company's retained earnings.

How can Series P holders get a copy of the Truist Redemption Notice?

Holders can request copies from Computershare Corporate Actions by mail, overnight courier, or telephone at (800) 546-5141.