STI » Topics » Non-Cash Goodwill Impairment Charge

This excerpt taken from the STI 8-K filed Apr 23, 2009.

Non-Cash Goodwill Impairment Charge

The Company recorded a non-cash, after-tax goodwill impairment charge of $714.8 million to common shareholders due to continued deterioration in real estate-related market conditions and in the macro economic environment, which put downward pressure on the fair value of the Company’s mortgage and commercial real estate-related assets. The impairment charge has no impact on the Company’s regulatory capital and tangible equity ratios. SunTrust remains committed to the clients, products, and services of the impacted businesses and believes that the long-term growth prospects of these businesses are strong.

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