I'll be closing my SunTrust accounts this week:

SunTrust Banks, metro Atlanta’s largest bank by deposits, said Monday that it would sell $3.5 billion in preferred stock to the U.S. government in an effort to weather the current economic storm and enable the bank to explore new lending opportunities as well as potential acquisitions.

The stock sale is part of the U.S. Treasury’s $250 billion program to stabilize the nation’s financial system by pouring cash into national and regional banks.

The move “enhances SunTrust’s already solid capital position and will permit us to further expand our business and take advantage of growth opportunities,” SunTrust Chairman James M. Wells III said in a statement. “In addition, we are pleased to support the Treasury in its ongoing effort to address dislocations in financial markets and spur the market stabilization that is in the public interest.”

SunTrust also announced that it would be reducing its dividend by 30 percent, to 54 cents per share.

Wells said he anticipated “prudent deployment” of the new capital, including an expansion of “careful lending” and other initiatives.

But, Wells said, “as long as the current uncertain and challenging economic environment persists, maintenance of capital at elevated levels is desirable.”

SunTrust’s stock was down nearly 4 percent in morning trading to $33.79 per share. The bank’s market capitalization is $12.4 billion.