The Treasury Department says it has sold nearly 18 million warrants it holds in Atlanta-based SunTrust Banks Inc. The sale helped the government recoup taxpayer money from the $700 billion Wall Street bailout.
The department says it will receive $30.1 million from the sale. A warrant gives the purchaser the right to buy SunTrust stock at a specified price.
SunTrust said Friday that it purchased 4 million of the warrants. Treasury didn’t identify the other buyers.
Sun Trust received $4.85 billion from the federal government in the fall of 2008, at the height of the financial crisis. The bank repaid the money in March. The sale of the warrants gives the Treasury an additional return on its investment.