ARTICLES OF RESTATEMENT OF THE

                          ARTICLES OF INCORPORATION OF

                              SUNTRUST BANKS, INC.

 

 

         Pursuant to the Georgia  Business  Corporation  Code,  SunTrust  Banks,

Inc., a Georgia  corporation  (the  "Corporation"),  submits  these  Articles of

Restatement and Restated Articles of Incorporation and shows as follows:

 

                                       1.

 

         The  Corporation  hereby  certifies  that,  by  resolution  adopted  on

November  14,  1989,  the  Board  of  Directors  did  adopt  these  Articles  of

Restatement and Restated  Articles of Incorporation  of the Corporation,  as set

forth in paragraph 2 below.  Shareholder  approval of amendments to the Articles

of Incorporation contained in the Articles of Restatement was not required.

 

                                       2.

 

         The Articles of  Incorporation  of the Corporation  shall be amended by

the deletion in their  entirety of Articles 10 and 16, by the  redesignation  of

(i) existing  Article 18 as Article 10 and (ii)  existing  Article 17 as Article

16, by the addition of new Article 5(c),  and by restating all other  provisions

of the Articles of Incorporation,  as heretofore amended,  now in effect and not

being amended by foregoing amendments, and substituting therefor in all respects

the Restated Articles of Incorporation as follows:

 

                       RESTATED ARTICLES OF INCORPORATION

 

                                       1.

 

         The name of the Corporation is SunTrust Banks, Inc.

 

                                       2.

 

         The Corporation is organized  pursuant to the provisions of the Georgia

Business Corporation Code.

 

                                       3.

 

         The Corporation shall have perpetual duration.

 

 

                                       4.

 

         The purpose for which the  Corporation  is  organized is to conduct any

businesses  and to engage  in any  activities  not  specifically  prohibited  to

corporations for profit under the laws of the State of Georgia.

 

 

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                                       5.

 

         (a).  The  aggregate  number of  common  shares  (referred  to in these

Articles of  Incorporation  as "Common Stock") which the Corporation  shall have

the authority to issue is 350,000,000 with a par value of $1.00 per share.  Each

holder of Common  Stock  shall be  entitled  to one vote for each  share of such

stock held.

 

         (b). The  aggregate  number of preferred  shares  (referred to in these

Articles of Incorporation as "Preferred Stock") which the Corporation shall have

authority  to issue is  50,000,000  with no par  value  per  share.  The  terms,

preferences,  limitations  and  relative  rights of the  Preferred  Stock are as

follows:

 

         So long as any of the shares of the Preferred Stock are outstanding, no

dividends  (other than (i)  dividends on Common Stock  payable in Common  Stock,

(ii)  dividends  payable  in stock  junior  to the  Preferred  Stock  both as to

dividends and upon  liquidation,  and (iii) cash in lieu of fractional shares in

connections  with  any such  dividend)  shall  be paid or  declared,  in cash or

otherwise,  nor shall any other  distribution be made, on the Common Stock or on

any other stock junior to the Preferred Stock as to dividends,  unless (a) there

shall be no arrearages in dividends on the Preferred Stock for any past dividend

period and the full dividends for the current quarterly dividend period shall be

paid or declared and funds set aside therefor, and (b) the Corporation shall not

be in default  on its  obligation  to redeem any of the shares of the  Preferred

Stock called for redemption. Subject to the foregoing provisions, such dividends

as may be  determined  by the  Board  of  Directors  of the  Corporation  may be

declared  and paid from  time to time on any stock or shares of the  Corporation

other than the Preferred Stock without any right of participation therein by the

holders of shares of the Preferred Stock. Dividends on the Preferred Stock shall

be cumulative.  No interest shall be payable in respect of any dividend  payment

which may be in arrears.  If at any time the Corporation  shall fail to pay full

cumulative dividends on any shares of the Preferred Stock, thereafter until such

dividends  shall  have been paid or  declared  and set  apart for  payment,  the

Corporation  shall not purchase,  redeem or otherwise  acquire for consideration

any shares of any class of stock then  outstanding  and ranking on a parity with

or junior to the Preferred Stock.

 

         If there are any  arrearages in dividends for any past dividend  period

on any series of the  Preferred  Stock or any other class or series of preferred

stock  ranking on a parity with the Preferred  Stock as to dividends,  or if the

full dividend for the current quarterly dividend period shall not have been paid

or declared and funds set aside  therefor on all series of the  Preferred  Stock

and all other classes and series of preferred stock ranking on a parity with the

Preferred  Stock as to  dividends  (to the extent that  dividends  on such other

class or series  of  preferred  stock are  cumulative),  any  dividends  paid or

declared on the  Preferred  Stock or on any other  class or series of  preferred

stock  ranking on a parity with the  Preferred  Stock as to  dividends  shall be

shared first  ratably by the holders of the  Preferred  Stock and the holders of

all such other  classes and series of preferred  stock  ranking on a parity with

the Preferred Stock as to dividends in proportion to such respective  arrearages

and unpaid and undeclared  current cumulative  dividends,  and thereafter by the

holders of shares of noncumulative classes and series of preferred stock ranking

on a parity with the Preferred Stock as to dividends.

 

                                        2

 

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         In the event of any voluntary or involuntary  dissolution,  liquidation

or winding up of the affairs of the Corporation,  after payment or provision for

payment  of debts  and other  liabilities  of the  Corporation  and  before  any

distribution to the holders of shares of Common Stock or any stock junior to the

Preferred Stock as to the distribution of assets upon  liquidation,  the holders

of each  series of the  Preferred  Stock shall be entitled to receive out of the

net  assets of the  Corporation  an amount in cash for each  share  equal to the

amount  fixed  and  determined  by the  Board  of  Directors  in the  resolution

providing for the issuance of the particular series of the Preferred Stock, plus

an amount  equal to all  dividends  accrued and unpaid on each such share of the

Preferred  Stock up to the date  fixed  for  distribution,  and no more.  If the

assets of the  Corporation  are  insufficient  to permit the payment of the full

preferential amounts payable in such event to the holders of the Preferred Stock

and any  class or  series  of  preferred  stock  ranking  on a  parity  with the

Preferred  Stock as to the  distribution  of assets upon  liquidation,  then the

assets  available for  distribution  to holders of shares of the Preferred Stock

and such other  classes and series of preferred  stock  ranking on a parity with

the Preferred Stock as to the distribution of assets upon  liquidation  shall be

distributed  ratably to the  holders of shares of each  series of the  Preferred

Stock and such classes and series of preferred  stock in  proportion to the full

preferential  amounts  payable  on their  respective  shares  upon  liquidation.

Neither the sale,  conveyance,  exchange or transfer of all or substantially all

the property and assets of the Corporation,  the  consolidation or merger of the

Corporation with or into any other corporation,  nor the merger or consolidation

of any other  corporation  into or with the Corporation  shall be deemed to be a

liquidation, dissolution or winding up of the Corporation.

 

         The Board of  Directors is  expressly  authorized  at any time and from

time to time to provide for the issuance of shares of the Preferred Stock in one

or more series, with such voting powers, full or limited,  but not to exceed one

vote  per  share,  or  without  voting  powers,   and  with  such  designations,

preferences  and  relative,  participating,  optional or other  special  rights,

qualifications, limitations or restrictions, as shall be fixed and determined in

the resolution or resolutions  providing for the issuance thereof adopted by the

Board of  Directors,  and as are not stated and  expressed in these  Articles of

Incorporation  or any  amendment  hereto,  including  (but without  limiting the

generality of the foregoing) the following:

 

                  (i) The distinctive  designation of such series and the number

         of shares  which shall  constitute  such  series,  which  number may be

         increased (except where otherwise provided by the Board of Directors in

         creating such series) or decreased  (but not below the number of shares

         thereof then  outstanding) from time to time by resolution of the Board

         of Directors;

 

                  (ii) The rate of  dividends  payable on shares of such series,

         the times of  payment,  and the date from  which such  dividends  shall

         accumulate;

 

                  (iii) Whether shares of such series can be redeemed,  the time

         or times when,  and the price or prices at which  shares of such series

         shall be  redeemable,  the  redemption  price,  terms and conditions of

         redemption, and the purchase,

 

                                        3

 

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         retirement or sinking fund provisions, if any, for the purchase or

         redemption of such shares;

 

                  (iv) The  amount  payable  on  shares of such  series  and the

         rights of  holders  of such  shares in the  event of any  voluntary  or

         involuntary  liquidation,  dissolution  or winding up of the affairs of

         the Corporation;

 

                  (v) The  rights,  if any,  of the  holders  of  shares of such

         series to convert such shares into, or exchange such shares for, shares

         of Common Stock or shares of any other class or series of the Preferred

         Stock and the terms and conditions of such conversion or exchange; and

 

                  (vi) The  rights,  if any,  of the  holders  of shares of such

         series to vote.

 

         Except in respect of the relative  rights and  preferences  that may be

provided by the Board of Directors as hereinbefore  provided,  all shares of the

Preferred Stock shall be of equal rank and shall be identical, and each share of

a series shall be  identical  in all respects  with the other shares of the same

series,  except as to the date,  if any,  from  which  dividends  thereon  shall

accumulate.

 

         (c).     The Corporation may acquire its own shares.  Any such shares

shall become, upon acquision, treasury shares to be classified as issued but not

outstanding shares.

 

                                       6.

 

         Shares of the  Corporation  may be issued by the  Corporation  for such

consideration, not less than the par value thereof (in the case of shares having

a par value), as shall be fixed from time to time by the Board of Directors.

 

                                       7.

 

         No  holder  of  shares  of  any  class  of  the  capital  stock  of the

Corporation  shall  have as a matter of right any  pre-emptive  or  preferential

right to subscribe for, purchase,  receive, or otherwise acquire any part of any

new or  additional  issue  of  stock  of any  class,  whether  now or  hereafter

authorized,  or of any bonds,  debentures,  notes,  or other  securities  of the

Corporation, whether or not convertible into shares of stock of the Corporation.

 

                                       8.

 

         Subject to the provisions of the Georgia Business Corporation Code, the

Board of Directors shall have the power to distribute a portion of the assets of

the Corporation, in cash or in property, to holders of shares of the Corporation

out of the capital surplus of the Corporation.

 

 

 

                                        4

 

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                                       9.

 

         The  Corporation  shall  have  all  powers  necessary  to  conduct  the

businesses  and  engage  in the  activities  set  forth  in  Article  4  hereof,

including,  but not limited to, the powers  enumerated  in the Georgia  Business

Corporation Code or any amendment  thereto.  In addition,  the Corporation shall

have the full power to purchase and otherwise  acquire,  and dispose of, its own

shares and securities granted by the laws of the State of Georgia and shall have

the right to purchase its shares out of its unreserved and unrestricted  capital

surplus  available  therefor,  as well as out of its unreserved and unrestricted

earned surplus available therefor.

 

                                       10.

 

         The names and addresses of the Incorporators are:

 

                               Robert Strickland

                               One Park Place, N.E.

                               Atlanta, Georgia 30303

 

                               Joel R. Wells, Jr.

                               200 South Orange Avenue

                               Orlando, Florida 32801

 

                                       11.

 

         I. (A) In  addition to any  affirmative  vote  required  by law,  these

Articles of  Incorporation  or  otherwise  with respect to any shares of capital

stock  of the  Corporation,  and  except  as  otherwise  expressly  provided  in

paragraph II of this Article 11:

 

                  (i) any  merger or  consolidation  of the  Corporation  or any

         Subsidiary (as hereinafter defined) with (a) any Interested Shareholder

         (as hereinafter  defined) or (b) any other corporation  (whether or not

         itself an  Interested  Shareholder)  which is, or after such  merger or

         consolidation  would be, an Affiliate  (as  hereinafter  defined) of an

         Interested Shareholder; or

 

                  (ii) any sale, lease, exchange,  mortgage, pledge, transfer or

         other  disposition (in one transaction or a series of  transactions) to

         or with any  Interested  Shareholder or any Affiliate of any Interested

         Shareholder of any assets of the  Corporation or any Subsidiary  having

         an aggregate Fair Market Value (as  hereinafter  defined) of $1,000,000

         or more; or

 

                  (iii) the  issuance  or  transfer  by the  Corporation  or any

         Subsidiary  (in one  transaction  or a series of  transactions)  of any

         securities  of the  Corporation  or any  Subsidiary  to any  Interested

         Shareholder or any Affiliate of any Interested  Shareholder in exchange

         for cash,  securities  or other  property  (or a  combination  thereof)

         having an aggregate Fair Market Value of $1,000,000 or more; or

 

 

                                        5

 

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                  (iv) the adoption of any plan or proposal for the  liquidation

         or  dissolution  of the  Corporation  proposed  by or on  behalf  of an

         Interested Shareholder or any Affiliates of any Interested Shareholder;

         or

 

                  (v) any reclassification of securities  (including any reverse

         stock split), or recapitalization or the Corporation,  or any merger or

         consolidation  of the Corporation  with any of its  Subsidiaries or any

         other transaction  (whether or not with or into or otherwise  involving

         an  Interested   Shareholder)   which  has  the  effect,   directly  or

         indirectly,  of increasing the  proportionate  share of the outstanding

         shares  of  any  class  of  equity  or  convertible  securities  of the

         Corporation or any Subsidiary  which is directly or indirectly owned by

         any   Interested   Shareholder  or  any  Affiliate  of  any  Interested

         Shareholder;

 

shall  require  the  affirmative  vote of the  holders of at least  seventy-five

percent (75%) of the then outstanding shares of Common Stock of the Corporation,

including the affirmative vote of the holders of at least  seventy-five  percent

(75%) of the then  outstanding  shares of Common Stock of the Corporation  other

than those  beneficially owned by the Interested  Shareholder.  Such affirmative

vote shall be required notwithstanding the fact that no vote may be required, or

that a lesser  percentage may be specified,  by law or in any agreement with any

national securities exchange or otherwise.

 

                  (B) The term "Business Combination" as used in this Article 11

shall mean any  transaction  which is  referred to in any one or more of clauses

(i) through (v) of subparagraph (A) of this paragraph I.

 

         II.  The  provisions  of  paragraph  I of this  Article 11 shall not be

applicable to any particular Business Combination, and such Business Combination

shall  require  only such  affirmative  vote as is required by law and any other

provision of these Articles of Incorporation, if all of the conditions specified

in either of the following subparagraphs (A) or (B) are met:

 

                  (A) The  Business  Combination  shall  have been  approved  by

three-fourths of all Directors.

 

                  (B) All of the following conditions shall have been met:

 

                  (i) The  aggregate  amount of (x) cash and (y) the Fair Market

         Value (as  hereinafter  defined) as of the date of the  consummation of

         the  Business  Combination,  of  consideration  other  than  cash to be

         received  per  share  by  holders  of  Common  Stock  in such  Business

         Combination  shall be at least equal to the highest  amount  determined

         under  subclauses  (a), (b), (c) and (d) below (taking into account all

         stock dividends and stock splits):

 

                           (a) (if  applicable)  the  highest  per  share  price

                  (including  any  brokerage  commissions,  transfer  taxes  and

                  soliciting  dealers' fees) paid by the Interested  Shareholder

                  or any of its Affiliates or Associates for any share of Common

                  Stock  acquired by the Interested  Shareholder  (1) within the

                  two-year  period   immediately   prior  to  the  first  public

                  announcement of the proposal of the Business  Combination (the

                  "Announcement  Date")  or (2) in the  transaction  in which it

                  became an Interested Shareholder, whichever is higher;

 

<PAGE>

 

 

                           (b) the highest Fair Market Value per share of Common

                  Stock during the 30-day period ending on the Announcement Date

                  or during the 30- day  period  ending on the date on which the

                  Interested  Shareholder became an Interested Shareholder (such

                  latter  date  is  referred  to  in  this  Article  11  as  the

                  "Determination Date"), whichever is higher.

 

                           (c) (if  applicable) the price per share equal to the

                  highest Fair Market Value per share of Common Stock determined

                  pursuant to  subparagraph  B(i)(b)  above,  multiplied  by the

                  ratio  of (1) the  highest  per  share  price  (including  any

                  brokerage commissions,  transfer taxes and soliciting dealers'

                  fees)  paid  by  the  Interested  Shareholder  or  any  of its

                  Affiliates  or  Associates  for any  shares  of  Common  Stock

                  acquired by the  Interested  Shareholder  within the  two-year

                  period  immediately  prior to the Announcement Date to (2) the

                  Fair Market  Value per share of Common  Stock on the date that

                  the Interested Shareholder became a beneficial owner of shares

                  of Common Stock during such two-year period; and

 

                           (d) (if  applicable)  the  book  value  per  share of

                  Common Stock on the last day in the month  preceding  the date

                  of the consummation of the Business Combination  multiplied by

                  the  ratio of (1) the  highest  price  paid by the  Interested

                  Shareholder  or any of its  Affiliates or Associates per share

                  of Common Stock as determined pursuant to subparagraph B(i)(a)

                  above to (2) the book  value per share of Common  Stock on the

                  last day in the month  preceding the date on which the highest

                  price as determined pursuant to B(i)(a) above was paid.

 

                  (ii)  The  aggregate  amount  of (x) the cash and (y) the Fair

         Market  Value  as of the  date  of  the  consummation  of the  Business

         Combination,  of consideration other than cash to be received per share

         by holders of shares of any series of outstanding Preferred Stock shall

         be at least equal to the highest of the  following  (it being  intended

         that the  requirements  of this paragraph B(ii) shall be required to be

         met with  respect  to every  series  of  outstanding  Preferred  Stock,

         whether or not the  Interested  Shareholder or any of its Affiliates or

         Associates has previously  acquired any shares of any particular series

         of Preferred Stock):

 

                           (a) (if  applicable)  the  highest  per  share  price

                  (including  any  brokerage  commissions,  transfer  taxes  and

                  soliciting  dealers' fees) paid by the Interested  Shareholder

                  or any of its  Affiliates or Associates  for any share of such

                  series  of  Preferred   Stock   acquired  by  the   Interested

                  Shareholder (1) within the two-year period  immediately  prior

                  to the Announcement Date or (2) in the transaction in which it

                  became an Interested Shareholder, whichever is higher; and

 

 

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                           (b) (if applicable) the highest  preferential  amount

                  per share to which  the  holders  of shares of such  series of

                  Preferred  Stock are entitled in the event of any voluntary or

                  involuntary  liquidation,  dissolution  or  winding  up of the

                  Corporation.

 

                  (iii)  The   consideration   to  be  received  by  holders  of

         outstanding  Common  Stock and by  holders  of a  particular  series of

         outstanding Preferred Stock shall be in cash or in the same form as the

         Interested  Shareholder  of any of its  Affiliates  or  Associates  has

         previously  paid  for  shares  of  each  such  kind  of  stock.  If the

         Interested  Shareholder or any of its Affiliates or Associates has paid

         for shares of Common  Stock or for  shares of any  series of  Preferred

         Stock with varying forms of  consideration,  the form of  consideration

         for each  such kind of stock  shall be either  cash or the form used to

         acquire  the  largest  number  of  shares  of each  such  kind of stock

         previously acquired by it.

 

                  (iv)  After  such   Interested   Shareholder   has  become  an

         Interested  Shareholder and prior to the  consummation of such Business

         Combination:  (a) except as approved by three-fourths of all Directors,

         there shall have been no failure to declare and pay at the regular date

         therefor   dividends  in  full  (whether  or  not  cumulative)  on  the

         outstanding Preferred Stock; (b) there shall have been (1) no reduction

         in the annual rate of  dividends  paid on the Common  Stock  (except as

         necessary to reflect any  subdivision of the Common  Stock),  except as

         approved by  three-fourths of all Directors and (2) an increase in such

         annual rate of dividends  as necessary to reflect any  reclassification

         (including any reverse stock split), recapitalization,  reorganization,

         or any similar  transaction which has the effect of reducing the number

         of  outstanding  shares of the Common  Stock,  unless the failure so to

         increase  such  annual  rate  is  approved  by   three-fourths  of  all

         Directors;  and (c) such Interested  Shareholder  shall not have become

         the beneficial owner of any additional shares of Common Stock except as

         part of the transaction  which results in such  Interested  Shareholder

         becoming an Interested Shareholder.

 

                  (v) After such Interested Shareholder has become an Interested

         Shareholder,  such Interested  Shareholder  shall not have received the

         benefit,   directly  or  indirectly   (except   proportionately   as  a

         shareholder),  of any  loans,  advances,  guarantees,  pledges or other

         financial  assistance  or any  tax  credits  or  other  tax  advantages

         provided  by the  Corporation  or any of its  Subsidiaries,  whether in

         anticipation  of or in  connection  with such Business  Combination  or

         otherwise.

 

                  (vi) A proxy or information  statement describing the proposed

         Business  Combination  and  complying  with  the  requirements  of  the

         Securities  Exchange  Act of  1934,  as  amended,  and  the  rules  and

         regulations  thereunder  (or any subsequent  provisions  replacing such

         Act, rules or  regulations)  shall be mailed to public  shareholders of

         the  Corporation  at least 30 days  prior to the  meeting  at which the

         Business  Combination  will be voted upon (whether or not such proxy or

         information  statement is required to be mailed pursuant to such Act or

         subsequent  provisions).  The  proxy  or  information  statement  shall

         contain on the cover page  thereof a statement as to how members of the

         Board of Directors voted on the proposal in

 

 

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         question   and   any   recommendation   as  to  the   advisability   or

         inadvisability of the Business  Combination that any director wishes to

         make,  and shall  also  contain  the  opinion of a  reputable  national

         investment banking firm as to the fairness of the terms of the Business

         Combination,   from  the  point  of  view  of  the   remaining   public

         shareholders of the  Corporation  (such  investment  banking firm to be

         engaged solely on behalf of the remaining  public  shareholders,  to be

         paid a reasonable fee for its services by the Corporation  upon receipt

         of such  opinion  and to be an  investment  banking  firm which has not

         previously been  associated  with the Interested  Shareholder or any of

         its Affiliates or Associates).

 

         III. For the purposes of this Article 11:

 

                  (A) A "person" shall mean any individual, firm, corporation or

         other entity.

 

                  (B) "Interested Shareholder" shall mean any person (other than

the  Corporation,  any  Subsidiary or either the  Corporation  or any Subsidiary

acting as Trustee or in a similar fiduciary capacity) who or which:

 

                  (i)is the beneficial owner of more than 10% of the outstanding

         Common Stock; or

 

                  (ii) is an Affiliate of the Corporation and at any time within

         the two-year period  immediately  prior to the date in question was the

         beneficial  owner,  directly or indirectly,  of 10% or more of the then

         outstanding Common Stock; or

 

                  (iii)  acquired  any shares of Common  Stock which were at any

         time  within  the  two-year  period  immediately  prior  to the date in

         question  beneficially  owned by any  Interested  Shareholder,  if such

         acquisition  shall  have  occurred  in the course of a  transaction  or

         series of  transactions  not  involving  a public  offering  within the

         meaning of the Securities Act of 1933.

 

                  (C) A  person  shall be a  "beneficial  owner"  of any  Common

         Stock:

 

                  (i) which such person or any of its  Affiliates  or Associates

         (as hereinafter defined) beneficially owns, directly or indirectly; or

 

                  (ii) which such person or any of its  Affiliates or Associates

         has,  directly or  indirectly,  (a) the right to acquire  (whether such

         right is  exercisable  immediately  or only after the passage of time),

         pursuant to any  agreement,  arrangement or  understanding  or upon the

         exercise of conversion rights,  exchange rights, warrants or options or

         otherwise,  or (b)  the  right  to  vote  pursuant  to  any  agreement,

         arrangement or understanding; or

 

                  (iii) which are beneficially owned, directly or indirectly, by

         any other  person  with which such person or any of its  Affiliates  or

         Associates has any  agreement,  arrangement  or  understanding  for the

         purpose of  acquiring,  holding,  voting or  disposing of any shares of

         Common Stock.

 

 

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                  (D) For the  purposes  of  determining  whether a person is an

Interested  Shareholder  pursuant to paragraph B of this Section III, the number

of shares of Common Stock deemed to be  outstanding  shall include shares deemed

owned through  application  of paragraph  C(ii)(a) of this Section III but shall

not include any other shares of Common  Stock which may be issuable  pursuant to

any  agreement,  arrangement  or  understanding,  or upon exercise of conversion

rights, warrants or options, or otherwise.

 

                  (E) (i) An "Affiliate" of a specified  person is a person that

directly, through one or more intermediaries,  controls, or is controlled by, or

is under common control with, the person specified.

 

                  (ii) The term "Associate" used to indicate a relationship with

         any person means (1) any firm,  corporation or other entity (other than

         the  Corporation or any  Subsidiary) of which such person is an officer

         or partner or is, directly or indirectly,  the beneficial  owner of 10%

         or more of any  class  of  equity  securities,  (2) any  trust or other

         estate in which such person has a substantial beneficial interest or as

         to which  such  person  serves as  trustee  or in a  similar  fiduciary

         capacity,  and (3) any  relative  or  spouse  of  such  person,  or any

         relative of such spouse who has the same home as such person.

 

                  (F) "Subsidiary"  means any corporation of which a majority of

any  class of  equity  securities  is  owned,  directly  or  indirectly,  by the

Corporation unless owned solely as trustee or other similar fiduciary capacity.

 

                  (G) "Fair Market Value" means:  (i) in the case of stock,  the

closing  sales price of a share of such stock on the  Composite  Tape on the New

York  Stock  Exchange-  Listed  Stocks,  or, if such  stock is not quoted on the

Composite Tape, on the New York Stock Exchange,  or, if such stock is not listed

on such Exchange,  on the principal United States securities exchange registered

under the  Securities  Exchange Act of 1934, as amended,  on which such stock is

listed, or, if such stock is not listed on any such exchange,  the closing sales

price or the sales  price or the  average of the bid and asked  prices  reported

with respect to a share of such stock on the National  Association of Securities

Dealers,  Inc.  Automatic  Quotation  System or any system then in use, or if no

such quotations are available,  the fair market value on the date in question of

a share of such stock as determined by the Board in good faith;  and (ii) in the

case of  property  other  than  cash or  stock,  the fair  market  value of such

property on the date in question as determined by the Board in good faith.

 

                  (H) In the  event of any  Business  Combination  in which  the

Corporation survives,  the phrase "consideration other than cash to be received"

as used in  paragraphs  B(i) and (ii) of  Section  II of this  Article  11 shall

include  the  shares  of  Common  Stock  and/or  the  shares  of any  series  of

outstanding Preferred Stock retained by the holders of such shares.

 

                  (I) The term "acquire" or "acquired"  means the acquisition of

beneficial ownership.

 

 

 

                                        9

 

<PAGE>

 

 

 

         IV. The Directors of the  Corporation  shall have the power and duty to

determine for the purposes of this Article 11, on the basis of information known

to them  after  reasonable  inquiry,  (i)  whether  a  person  is an  Interested

Shareholder, (ii) the number of shares of Common Stock beneficially owned by any

person, (iii) whether a person is an Affiliate or Associate of another, and (iv)

whether the assets which are the subject of any Business  Combination  have,  or

the  consideration  to be received for the issuance or transfer of securities by

the Corporation or any Subsidiary in any Business  Combination has, an aggregate

Fair Market Value of $1,000,000 or more.

 

         V.  Nothing  contained in this Article 11 shall be construed to relieve

any  Interested  Shareholder  or any of its  Affiliates or  Associates  from any

fiduciary obligation imposed by law.

 

         VI.   Notwithstanding   any  other  provisions  of  these  Articles  of

Incorporation  or the Bylaws of the Corporation  (and  notwithstanding  the fact

that  a  lesser   percentage   may  be  specified  by  law,  these  Articles  of

Incorporation  or the Bylaws of the  Corporation),  the affirmative  vote of the

holders of at least seventy-five  percent (75%) of the shares of the outstanding

Common Stock of the  Corporation,  including the affirmative vote of the holders

of at least seventy-five percent (75%) of the outstanding shares of Common Stock

of the  Corporation  other  than  those  beneficially  owned  by any  Interested

Shareholder,  shall be  required  to amend or  repeal,  or adopt any  provisions

inconsistent  with,  this  Article 11 of these  Articles  of  Incorporation,  in

addition  to  any  affirmative  vote  required  by  law  or  these  Articles  of

Incorporation  with  respect  to  any  other  shares  of  capital  stock  of the

Corporation.

 

                                       12.

 

         The Board of Directors of the Corporation, when evaluating any offer of

a person (as defined in Article 11), other than the Corporation  itself,  to (a)

make a tender or exchange  offer for any equity  security of the  Corporation or

any other security of the Corporation  convertible into any equity security, (b)

merge or consolidate  the Corporation  with another  person,  or (c) purchase or

otherwise  acquire all or substantially  all of the properties and assets of the

Corporation (an "Acquisition Proposal"),  shall, in connection with the exercise

of its  business  judgment  in  determining  what is the best  interests  of the

Corporation  and  its  shareholders,  give  due  consideration  to all  relevant

factors,  including without  limitation the  consideration  being offered in the

Acquisition  Proposal in relation to the then-current  market price, but also in

relation to the  then-current  value of the  Corporation in a freely  negotiated

transaction  and in relation  to the Board of  Directors'  then  estimate of the

future  value of the  Corporation  as an  independent  entity,  the  social  and

economic effects on the employees,  customers,  suppliers and other constituents

of the  Corporation  and its  subsidiaries  and on the  communities in which the

Corporation and its subsidiaries  operate or are located and the desirability of

maintaining independence from any other entity.

 

                                       13.

 

         Notwithstanding   anything  to  the  contrary  in  the  Bylaws  of  the

Corporation  and  subject to the  rights of  holders of any series of  Preferred

Stock then outstanding, the

 

 

                                       10

 

<PAGE>

 

 

 

shareholders  may amend or repeal,  or adopt any  provision  inconsistent  with,

Article II of the  Corporation's  Bylaws only by the same affirmative vote as is

required to amend or repeal or adopt any provision  inconsistent with Article 11

of these  Articles of  Incorporation  as provided  for in  paragraph  VI of said

Article 11, or in the alternative,  by the vote of 75% or more of the Directors,

the Board of Directors may amend or repeal or adopt any  provision  inconsistent

with Article II of the Corporation's Bylaws.

 

         Any  amendment or repeal of any part of Article X of the  Corporation's

Bylaws effected by the Directors shall require the affirmative  vote of at least

75% of the full Board of  Directors  following  at least ten days prior  written

notice to all Directors of the specific proposal.

 

                                       14.

 

         In addition to any powers provided by law, in the Bylaws, or otherwise,

the Corporation shall have the power to indemnify any person who becomes a party

or who is threatened to be made a party to any threatened,  pending or completed

action,  suit  or  proceeding,   whether  civil,  criminal,   administrative  or

investigative  (including any action by or in the right of the Corporation),  by

reason of the fact that he is or was a director,  officer,  employee or agent of

the  Corporation,  or is or was serving at the request of the  Corporation  as a

director, officer, employee or agent of another corporation,  partnership, joint

venture, trust or other enterprise.

 

                                       15.

 

         (a). No director of the Corporation  shall be personally  liable to the

Corporation or its  shareholders  for monetary damages for breach of his duty of

care or other duty as a director;  provided that this provision  shall eliminate

or limit the liability of a director only to the maximum  extent  permitted from

time to time by the Georgia  Business  Corporation  Code or any successor law or

laws.

 

         (b). Any repeal or modification of Article 15(a) by the shareholders of

the Corporation shall not adversely affect any right or protection of a director

of the Corporation existing at the time of such repeal or modification.

 

                                       16.

 

         The  Corporation  shall  not  commence  business  until it  shall  have

received not less than $500 in payment for the issuance of its shares.

 

 

         Said Restated Articles of Incorporation supersede the original Articles

of Incorporation as heretofore amended.

 

 

                                       11

 

<PAGE>

 

 

         IN WITNESS WHEREOF,  SunTrust Banks,  Inc. has caused these Articles of

Restatement to be executed,  its corporate seal to be affixed,  and its seal and

execution hereof to be attested, all by its duly authorized officers,  this 14th

day of November, 1989.

 

                              SUNTRUST BANKS, INC.

 

 

                                            By: /s/ Robert Strickland

                                                ------------------------------

                                                     Robert Strickland

                                                     Chairman of the Board

 

 

 

 

 

ARTICLES OF AMENDMENT

TO

RESTATED ARTICLES OF INCORPORATION

OF

SUNTRUST BANKS, INC.

 

 

1.

The name of the corporation is SunTrust Banks, Inc. (the “Corporation”). The Corporation is organized under the laws of the State of Georgia.

2.

Pursuant to Section 14-2-602 of the Georgia Business Corporation Code, as amended, these Articles of Amendment (the “Amendment”) amend the Corporation’s Restated Articles of Incorporation, as amended (the “Articles of Incorporation”).

3.

The Amendment is to add the following as a new Article 5(h) of the Articles of Incorporation, to set forth the terms, limitations and relative rights, as determined by the Board of Directors of the Corporation, of a series of the Corporation’s Preferred Stock.

(h) Series E Preferred Stock. There shall be a series of the Preferred Stock with the following terms, preferences, limitations, and relative rights, in addition to those otherwise expressed in these Articles of Incorporation or any amendment thereto.

(i) Designation. The distinctive designation of such series is “Perpetual Preferred Stock, Series E” (“Series E Preferred Stock”).

(ii) Number of Shares. The total authorized number of shares of Series E Preferred Stock shall be 5,000. Such number may from time to time be increased (but not in excess of the total number of authorized shares of Preferred Stock that have not been designated as another series of Preferred Stock) or decreased (but not below the number of shares of Series E Preferred Stock then outstanding) by the Board of Directors.

(iii) Definitions. As used herein with respect to the Series E Preferred Stock:

Appropriate Federal Banking Agency” means the “appropriate federal banking agency” with respect to the Corporation as that term is defined in Section 3(q) of the Federal Deposit Insurance Act, as amended (12 U.S.C. § 1813(q)), or any successor provision.


Business Day” means any weekday that is not a legal holiday in New York, New York and is not a day in which banking institutions in New York, New York are not authorized or obligated by law, regulation or executive order to close.

Dividend Parity Stock” has the meaning assigned to such term in Section (iv)A(5)(b).

Dividend Payment Date” has the meaning assigned to such term in Section (iv)A(1).

Dividend Period” means each period commencing on (and including) a Dividend Payment Date and continuing to (but not including) the next succeeding Dividend Payment Date (except that the first Dividend Period for the initial issuance of up to 5,000 Shares of Series E Preferred Stock shall commence upon (and include) the Issue Date).

Dividend Rate” means a rate per annum equal to 5.875%.

Issue Date” means the initial date of delivery of shares of Series E Preferred Stock.

Junior Stock” means the Common Stock and any other class or series of stock of the Corporation hereafter authorized over which Series E Preferred Stock has preference in the payment of dividends and in the distribution of assets on any liquidation, dissolution or winding up of the Corporation.

Liquidation Event” has the meaning assigned to such term in Section (vi)(A).

Person” means any individual, corporation, partnership, joint venture, trust, limited liability company or corporation, unincorporated organization or government or any agency or political subdivision thereof.

Preferred Stock Directors” has the meaning assigned to such term in Section (vii)B(1).

Regulatory Capital Event” means the good faith determination by the Corporation that, as a result of (i) any amendment to, clarification of, or change in, the laws or regulations of the United States or any political subdivision of or in the United States that is enacted or becomes effective after the initial issuance of any share of the Series E Preferred Stock, (ii) any proposed change in those laws or regulations that is announced or becomes effective after the initial issuance of any share of the Series E Preferred Stock, or (iii) any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws or regulations or policies with respect thereto that is announced after the initial issuance of any share of the Series E Preferred Stock, there is more than an insubstantial risk that the

 

2


Corporation will not be entitled to treat the full liquidation preference amount of $100,000 per share of the Series E Preferred Stock then outstanding as “Tier 1 capital” (or its equivalent) for purposes of the capital adequacy guidelines or regulations promulgated by the Board of Governors of the Federal Reserve System (or, as and if applicable, the capital adequacy guidelines or regulations of any successor Appropriate Federal Banking Agency) as then in effect and applicable, for so long as any share of the Series E Preferred Stock is outstanding.

Voting Parity Stock” has the meaning assigned to such term in Section (vii)B(1).

(iv) Dividends.

A. General.

(1) Dividend Payment Dates, Dividend Rate, Etc. Holders of Series E Preferred Stock shall be entitled to receive, only when, as and if declared by the Board of Directors, or a duly authorized committee of the Board of Directors, but only out of funds legally available therefor, cash dividends computed in accordance with Section (iv)A(3) and payable quarterly on the 15th day of each March, June, September and December in each year (each such date a “Dividend Payment Date”), commencing on March 15, 2013, to holders of record on the respective date fixed for that purpose by the Board of Directors or such committee in advance of payment of each particular dividend.

(2) Business Day Convention. If a day that would otherwise be a Dividend Payment Date is not a Business Day, then such date will nevertheless be a Dividend Payment Date but dividends on the Series E Preferred Stock, when, as and if declared, will be paid on the next succeeding Business Day (without adjustment in the amount of the dividend per share of the Series E Preferred Stock).

(3) Dividend Computation. The amount of the dividend computed per share of Series E Preferred Stock will be computed on the basis of a 360-day year consisting of twelve 30-day months.

(4) Dividend Payment Dates for Other Preferred Stock. For so long as any shares of Series E Preferred Stock are outstanding, the Corporation shall not issue any shares of Preferred Stock having any dividend payment date that is not also a Dividend Payment Date for the Series E Preferred Stock.

(5) Priority Regarding Dividends.

(a) So long as any of the shares of the Series E Preferred Stock is outstanding, (1) no dividends shall be paid or declared, in cash or otherwise, nor shall any other distribution be made, on the Common Stock or on any other Junior Stock (other than (a) dividends payable in Junior Stock, (b) cash in lieu of fractional shares in connection with any such

 

3


dividend, or (c) dividends in connection with the implementation of a shareholders’ rights plan, or the redemption or repurchase of any rights under such plan), (2) the Corporation shall not purchase, redeem or otherwise acquire for consideration any Junior Stock (other than (a) as a result of a reclassification of Junior Stock for or into other Junior Stock, (b) the exchange or conversion of one share of Junior Stock for or into another share of Junior Stock, (c) through the use of the proceeds of a substantially contemporaneous sale of other shares of Junior Stock, (d) purchases, redemptions or other acquisitions of shares of Junior Stock in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of employees, officers, directors or consultants, (e) purchases of shares of Junior Stock pursuant to a contractually binding requirement to buy Junior Stock existing prior to the preceding Dividend Period, including under a contractually binding stock repurchase plan, (f) the purchase of Junior Stock by an investment banking subsidiary of the Corporation in connection with the distribution thereof, (g) the purchase of Junior Stock by any investment banking subsidiary of the Company in connection with market-making or other secondary market activities in the ordinary course of the business of such subsidiary, or (h) the purchase of fractional interests in shares of Junior Stock pursuant to the conversion or exchange provisions of such stock or the security being converted or exchanged), and (3) the Corporation shall not purchase, redeem or otherwise acquire for consideration any Dividend Parity Stock other than pursuant to pro rata offers to purchase all, or a pro rata portion, of Series E Preferred Stock and such Dividend Parity Stock (except (a) as a result of a reclassification of Dividend Parity Stock for or into other Dividend Parity Stock, (b) the exchange or conversion of one share of Dividend Parity Stock for or into another share of Dividend Parity Stock, (c) through the use of the proceeds of a substantially contemporaneous sale of other shares of Dividend Parity Stock, (d) purchases, redemptions or other acquisitions of shares of Dividend Parity Stock in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of employees, officers, directors or consultants, (e) purchases of shares of Dividend Parity Stock pursuant to a contractually binding requirement to buy Dividend Parity Stock existing prior to the preceding Dividend Period, including under a contractually binding stock repurchase plan, (f) the purchase of Dividend Parity Stock by an investment banking subsidiary of the Corporation in connection with the distribution thereof, (g) the purchase of Dividend Parity Stock by any investment banking subsidiary of the Company in connection with market-making or other secondary market activities in the ordinary course of the business of such subsidiary, or (h) the purchase of fractional interests in shares of Dividend Parity Stock pursuant to the conversion or exchange provisions of such stock or the security being converted or exchanged ) unless, in each of case (1), (2) or (3), on the payment date for such dividend, purchase, redemption, or other

 

4


acquisition, (a) the Corporation shall not be in default on its obligation to redeem any of the shares of its Series E Preferred Stock called for redemption and (b) dividends in an amount computed in accordance with Section (iv)A(3) for each share of Series E Preferred Stock as of the Dividend Payment Date for the then current Dividend Period have been paid or declared and funds set aside therefore.

(b) On any Dividend Payment Date for which full dividends are not paid, or declared and funds set aside therefor, on the Series E Preferred Stock and on any other class or series of Preferred Stock of the Corporation ranking on a parity with Series E Preferred Stock as to payment of dividends (any such class or series being herein referred to as “Dividend Parity Stock”), all dividends paid or declared for payment on that Dividend Payment Date with respect to the Series E Preferred Stock and any Dividend Parity Stock shall be shared (1) first ratably by the holders of such shares, if any, who have the right to receive dividends with respect to dividend periods prior to the then current Dividend Period (which shall not include the Series E Preferred Stock) but for which such dividends were not declared and paid, in proportion to the respective amounts of such undeclared or unpaid dividends relating to prior Dividend Periods, and (2) thereafter by the holders of shares of Series E Preferred Stock and Dividend Parity Stock on a pro rata basis.

(v) Redemption.

A. Redemption.

(1) Subject to the further terms and conditions provided herein, the Corporation, at the option of the Board of Directors or a duly authorized committee of the Board of Directors, may, upon notice given as provided in Section (v)B, redeem shares of the Series E Preferred Stock at the time outstanding (i) in whole or in part on any Dividend Payment Date on or after the March 15, 2018 Dividend Payment Date or (ii) in whole but not in part at any time within 90 days following a Regulatory Capital Event.

(2) The redemption price per share of Series E Preferred Stock shall be cash in an amount equal to $100,000 plus an amount equal to any declared and unpaid dividends.

(4) The Series E Preferred Stock will not be subject to any sinking fund or other obligation of the Corporation to redeem, repurchase or retire the Shares.

B. Notice of Redemption. Notice of every redemption of shares of Series E Preferred Stock shall be mailed by first class mail, postage prepaid, addressed to the holders of record of the shares to be redeemed at their respective last addresses appearing on the books of the Corporation. Such mailing shall be at least 30 days and not more than

 

5


60 days before the date fixed for redemption. Any notice mailed as provided in this Subsection shall be conclusively presumed to have been duly given, whether or not the holder receives such notice, and failure duly to give such notice by mail, or any defect in such notice or in the mailing thereof, to any holder of shares of Series E Preferred Stock designated for redemption shall not affect the validity of the proceedings for the redemption of any other shares of Series E Preferred Stock. Notwithstanding the foregoing, if the Series E Preferred Stock or any depositary shares representing interests in the Series E Preferred Stock are issued in book-entry form through The Depositary Trust Company or any other similar facility, notice of redemption may be given to the holders of Series E Preferred Stock at such time and in any manner permitted by such facility. Each notice shall state (i) the redemption date; (ii) the number of shares of Series E Preferred Stock to be redeemed and, if less than all the shares held by the holder are to be redeemed, the number of shares to be redeemed from the holder; (iii) the redemption price; and (iv) the place or places where the shares of Series E Preferred Stock are to be redeemed.

C. Partial Redemption. In case of any redemption of only part of the shares of Series E Preferred Stock at the time outstanding, the shares to be redeemed shall be selected either pro rata or by lot or in such other manner as the Board of Directors or a duly authorized committee of the Board of Directors may determine to be fair and equitable. Subject to the provisions hereof, the Board of Directors or such committee shall have full power and authority to prescribe the terms and conditions upon which shares of Series E Preferred Stock shall be redeemed from time to time.

D. Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the redemption date specified in the notice all funds necessary for the redemption have been set aside by the Corporation, separate and apart from its other funds, in trust for the pro rata benefit of the holders of the shares called for redemption, so as to be and continue to be available therefor, then, notwithstanding that any certificate for any share so called for redemption has not been surrendered for cancellation, on and after the redemption date all shares so called for redemption shall cease to be outstanding and all rights with respect to such shares shall forthwith on such redemption date cease and terminate, except only the right of the holders thereof to receive the amount payable on such redemption without interest. Any funds unclaimed at the end of three years from the redemption date shall, to the extent permitted by law, be released to the Corporation, after which time the holders of the shares so called for redemption shall look only to the Corporation for payment of the redemption price of such shares.

 

6


(vi) Liquidation Rights.

A. Liquidation. In the event of any voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Corporation (each a “Liquidation Event”), after payment or provision for payment of debts and other liabilities of the Corporation and before any distribution to the holders of shares of Common Stock or any other Junior Stock, the holders of Series E Preferred Stock shall be entitled to receive the following out of the net assets of the Corporation, for each share of Series E Preferred Stock: an amount equal to $100,000 plus an amount equal to any declared and unpaid dividends.

B. Partial Payment. If the assets of the Corporation are insufficient to permit the payment of the full preferential amounts payable in connection with a Liquidation Event to the holders of the Series E Preferred Stock and any other series of Preferred Stock ranking on a parity with the Series E Preferred Stock as to the distribution of assets upon a Liquidation Event, then the assets available for distribution to holders of shares of the Series E Preferred Stock and each such other series of Preferred Stock as to the distribution of assets upon liquidation shall be distributed ratably to the holders of shares of the Series E Preferred Stock and each such other series of Preferred Stock in proportion to the full preferential amounts payable on their respective shares upon the Liquidation Event.

C. Merger, Consolidation and Sale of Assets Not Liquidation. Neither the sale, conveyance, exchange or transfer of all or substantially all the property and assets of the Corporation, the consolidation or merger of the Corporation with or into any other corporation, nor the merger or consolidation of any other corporation into or with the Corporation shall be deemed to be a liquidation, dissolution or winding up of the Corporation for purposes of this Section (vi).

(vii) Voting Rights.

A. General. The holders of Series E Preferred Stock shall not have any voting rights except as set forth in this Section (vii) or as otherwise required by law.

B. Right to Elect Two Directors Upon Non-Payment of Dividends.

(1) If and whenever dividends on Series E Preferred Stock and any other class or series of Preferred Stock of the Corporation ranking on a parity with Series E Preferred Stock as to payment of dividends and having voting rights equivalent to those provided in this Section (vii)B for the Series E Preferred Stock (any such class or series being herein referred to as “Voting Parity Stock”) have not been declared and paid in an aggregate amount, as to any such class or series, equal to at least six quarterly dividends (whether or not consecutive) computed in accordance with Section (iv)A(3) in the case of the Series E Preferred Stock, and computed in accordance with the terms thereof in the case of any Voting Parity Stock, the number of directors then constituting the Board of Directors shall be increased by two and the holders of Series E Preferred Stock, together with the holders of all other affected classes and series of Voting Parity Stock similarly

 

7


entitled to vote for the election of a total of two additional directors, voting separately as a single class, shall be entitled to elect the two additional members of the Corporation’s Board of Directors (the “Preferred Stock Directors”) at any annual meeting of shareholders or any special meeting of the holders of Series E Preferred Stock and such Voting Parity Stock for which dividends have not been paid, called as hereinafter provided. The Board of Directors shall at no time have more than two Preferred Stock Directors.

(2) At any time after the voting power provided for in this Section (vii) shall have been vested in the holders of Series E Preferred Stock and any Voting Parity Stock, the Secretary of the Corporation may, and upon the written request of holders of record of at least 20% of the outstanding shares of Series E Preferred Stock and any class or series of Voting Parity Stock (addressed to the Secretary at the principal office of the Corporation) shall, call a special meeting of the holders of shares of Series E Preferred Stock and such Voting Parity Stock having such voting rights, for the election of the Preferred Stock Directors, such call to be made by notice similar to that provided in the bylaws for a special meeting of the shareholders or as required by law. If any such special meeting so required to be called shall not be called by the Secretary within 20 days after receipt of any such request, then any holder of shares of Series E Preferred Stock may (at the Corporation’s expense) call such meeting, upon notice as herein provided, and for that purpose shall have access to the shareholder records of the Corporation. The Preferred Stock Directors elected at any such special meeting shall hold office until the next annual meeting of the shareholders if such office shall not have previously terminated as below provided. In case any vacancy shall occur among the Preferred Stock Directors, a successor shall be elected by the Board of Directors to serve until the next annual meeting of the shareholders upon the nomination of the then remaining Preferred Stock Directors or, if no Preferred Stock Director remains in office, by the vote of the holders of record of a majority of the outstanding shares of Series E Preferred Stock and such Voting Parity Stock for which dividends have not been paid, voting as a single class.

(3) Whenever (i) all dividends on any cumulative Voting Parity Stock have been paid in full, (ii) full dividends computed in accordance with Section (iv)A(3) have been paid on the applicable Dividend Payment Dates on the Series E Preferred Stock for at least one year and (iii) full dividends on any non-cumulative Voting Parity Stock then outstanding have been paid in accordance with the terms thereof for at least one year, then the right of the holders of Series E Preferred Stock and such Voting Parity Stock to elect such Preferred Stock Directors shall cease (but subject always to the same provisions for the vesting of such voting rights in the case of any similar non-payment of dividends in respect of future Dividend Periods), and the terms of office of all Preferred Stock Directors shall forthwith terminate and the number of directors constituting the Board of Directors shall be reduced accordingly.

 

8


C. Other Voting Rights.

(1) So long as any shares of Series E Preferred Stock remain outstanding, the Corporation shall not, without the affirmative vote of the holders of at least two-thirds of the Series E Preferred Stock outstanding at the time (voting separately as a class): (i) authorize or create, or increase the authorized or issued amount of, any class or series of capital stock of the Corporation ranking senior to the Series E Preferred Stock with respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding up, or reclassify any authorized shares of capital stock of the Corporation into any such shares, or (ii) amend, alter or repeal the provisions of these Articles of Incorporation, whether by merger, consolidation or otherwise, so as to materially and adversely affect any right, preference, privilege or voting power of the Series E Preferred Stock or the holders thereof; provided, however, that with respect to the occurrence of any event set forth in clause (ii) above, so long as any shares of the Series E Preferred Stock remain outstanding with the terms thereof materially unchanged or new shares of the surviving corporation or entity are issued with the same terms as the Series E Preferred Stock, in each case taking into account that upon the occurrence of an event the Corporation may not be the surviving entity, the occurrence of any such event shall not be deemed to materially and adversely affect any right, preference, privilege or voting power of the Series E Preferred Stock or the holders thereof, and provided, further, that (i) any increase in the amount of the authorized Common Stock or Preferred Stock or the creation or issuance of any Junior Stock or Preferred Stock ranking on a parity with the Series E Preferred Stock with respect to payment of dividends or distribution of assets upon liquidation, dissolution or winding up, and (ii) any change to the number of directors or number of classes of directors, shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers.

(2) On any matter on which the holders of the Series E Preferred Stock shall be entitled to vote (as provided herein or by applicable law), including any action by written consent, each share of Series E Preferred Stock shall have one vote per share.

(3) The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required shall be effected, all outstanding Series E Preferred Stock shall have been redeemed or called for redemption upon proper notice and sufficient funds shall have been set aside by the Corporation for the benefit of the holders of Series E Preferred Stock to effect such redemption.

(viii) Other Rights. The shares of Series E Preferred Stock shall not have any voting powers, preferences or relative, participating, optional or other special rights, or qualifications, limitations or restrictions thereof, other than as set forth herein or in the Articles of Incorporation.

 

9


4.

This Amendment was adopted on December 13, 2012.

5.

This Amendment was duly adopted by the Pricing Committee of the Corporation’s Board of Directors without shareholder approval, as such approval was not required.

[Signature Page Follows]

 

10


IN WITNESS WHEREOF, SunTrust Banks, Inc. has caused these Articles of Amendment to be executed and sealed by its duly authorized officer on this 19th day of December, 2012.

 

SUNTRUST BANKS, INC.

By

 

/s/ Paul Burdiss

Name:

 

Paul Burdiss

Title:

 

Senior Vice President and Treasurer

 

[As Filed: 12-20-2012]