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Thursday, February 28, 2013

CORRECTED-Private equity firms bidding for SunTrust's Ridgeworth-sources, (NYSE: STI)

SunTrust Banks Inc has found at least three private equity firms interested in buying its Ridgeworth Investments asset management unit, sources said, in the Atlanta-based bank's third attempt to sell the firm in as many years.The price is likely to be $250,000 to $300,000, one of the two sources said.The prospective bidders include New York-based Lightyear Capital and Crestview Partners, and Chicago-based Thoma Bravo, LLC, said the sources, who declined to be identified because they are not authorized to talk to the media.The regional bank in the past few weeks has reached out to a handful of private equity firms about buying Ridgeworth, the sources familiar with the situation told Reuters this week.

SunTrust Banks, Inc. (SunTrust) is a commercial banking organization. Shares of STI fell by 0.18% or $-0.05/share to $27.67. In the past year, the shares have traded as low as $20.96 and as high as $30.79. On average, 5415490 shares of STI exchange hands on a given day and today's volume is recorded at 1524295.