As planned, the board of SunTrust Banks Inc. declared a regular quarterly cash dividend of 50 cents per common share.

The dividend, which is 10 cents higher than the previous payout, will be payable on Sept. 17 to common shareholders of record at the close of business on Aug. 31.

As previously reported in June, the Federal Reserve did not object to the Atlanta-based company's capital plans under the Comprehensive Capital Analysis and Review. Aside from the dividend increase, the company plans common-stock buybacks of up to $2.0 billion between July 1, 2018, and June 30, 2019.