SunTrust Banks announced that its board of directors declared a regular quarterly cash dividend of $0.56 per common share, for a 12% increase from the previous dividend of $0.50 per share.

The board also declared a quarterly cash dividend of $1,022.22 per share on SunTrust's perpetual preferred stock, series A and series B. The dividends are payable on Sept. 16, to shareholders on record as of Aug. 30.