Exhibit 99.1
| NEWS RELEASE |  |
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FOR IMMEDIATE RELEASE
November 14, 2008
November 14, 2008
Contacts: |
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Analysts
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Media | |||||
Jay Gould
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(614) 480-4060 | Jeri Grier | (614) 480-5413 | |||
Jack Pargeon
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(614) 480-3878 |
HUNTINGTON BANCSHARES INCORPORATED
RECEIVES $1.4 BILLION IN CAPITAL THROUGH THE
U.S. TREASURY DEPARTMENT’S CAPITAL PURCHASE PROGRAM
RECEIVES $1.4 BILLION IN CAPITAL THROUGH THE
U.S. TREASURY DEPARTMENT’S CAPITAL PURCHASE PROGRAM
| • | Huntington receives $1.4 billion in capital by issuing 1,398,071 shares of Huntington Fixed Rate Cumulative Perpetual Preferred Stock, Series B | |
| • | U.S. Treasury receives warrants to purchased 23.6 million shares of Huntington common stock at an initial exercise price of $8.90 per share |
COLUMBUS, Ohio — Huntington Bancshares Incorporated (NASDAQ: HBAN) announced, that it has
received $1,398,071,000 of equity capital by issuing to the U.S. Department of Treasury 1,398,071
shares of Huntington’s Fixed Rate Cumulative Perpetual Preferred Stock, Series B, par value $0.01
per share with a liquidation preference of $1,000 per share and a ten-year warrant to purchase up
to 23,562,994 shares of Huntington’s common stock, par value $0.01 per share, at an exercise price
of $8.90 per share. Both the preferred securities and warrants will be accounted for as additions
to Huntington’s regulatory Tier 1 and Total capital.
Today’s announcement is consistent with Huntington’s notice on October 27, 2008, that it had
received preliminary approval to participate in the U.S. Treasury Department’s Troubled Asset
Relief Program (TARP) Capital Purchase Program. Under the TARP Capital Purchase Program the
Treasury Department is authorized to use appropriated funds under the Emergency Economic
Stabilization Act of 2008 (EESA) to invest in U.S. financial institutions to encourage financing
for U.S. businesses and consumers and to support the U.S. economy.
The Series B Preferred Stock will pay cumulative dividends at a rate of 5% per year for the
first five years and 9% per year thereafter. Huntington cannot redeem the preferred securities
during the first three years after issuance except with the proceeds from a “qualified equity
offering.” Any redemption before three years or thereafter requires Federal Reserve approval. The
Series B Preferred Stock will rank on equal priority with Huntington’s existing 8.50% Series A
Non-Cumulative Perpetual Convertible Preferred Stock.
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