Huntington Bancshares Receives No Objection From Federal Reserve For Proposed Capital Actions, Including The Repurchase Of Up To $182 Million Of Common Stock
COLUMBUS, Ohio--(BUSINESS WIRE)-- Huntington Bancshares Incorporated (NASDAQ: HBAN; www.huntington.com) was notified by the Federal Reserve that it had no objection to Huntington's proposed capital actions included in Huntington's capital plan submitted to the Federal Reserve in January of this year. These actions included the potential repurchase of up to $182 million shares of common stock and a continuation of Huntington's current common dividend through the first quarter of 2013. Huntington's Board of Directors authorized a share repurchase program consistent with Huntington’s capital plan.
“We are pleased that the Federal Reserve has completed its review and did not object to our potential capital distributions,which allows us to maintainour common dividend and establish our share repurchase authorization, enabling us to expand our disciplined approach to capital management,” said Stephen D. Steinour, chairman, president and chief executive officer. “Today’s action highlights our strong capital levels and improved financial performance. Reinvesting excess capital to organically grow the business remains our priority. Importantly, dividends and share repurchases provide us additional options to create long-term shareholder value subject to various factors including earnings opportunities and market conditions”.
Huntington Bancshares Incorporated is a $54 billion regional bank holding company headquartered in Columbus, Ohio. The Huntington National Bank, founded in 1866, provides full-service commercial, small business, and consumer banking services; mortgage banking services; treasury management and foreign exchange services; equipment leasing; wealth and investment management services; trust services; brokerage services; customized insurance brokerage and service programs; and other financial products and services. The principal markets for these services are Huntington’s six-state banking franchise: Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky. The primary distribution channels include a banking network of over 650 traditional branches and convenience branches located in grocery stores and retirement centers, and through an array of alternative distribution channels including internet and mobile banking, telephone banking, and over 1,300 ATMs. Through automotive dealership relationships within its six-state banking franchise area and selected other Midwest and New England states, Huntington also provides commercial banking services to the automotive dealers and retail automobile financing for dealer customers.
Huntington Bancshares Incorporated
Todd Beekman, 614-480-3878
Jay Gould, 614-205-1197
Maureen Brown, 614-480-5512
Source: Huntington Bancshares Incorporated
Released March 14, 2012