Huntington completes $150M equity issuanceWritten by Duane Ramsey | | email@example.com
Huntington Bancshares Inc. announced completion of a $150 million equity issuance program Sept. 9 with a public offering of its common s
The equity program resulted in the issuance of 35.7 million shares worth $150 million at an average price of $4.20 per share, bringing Huntington’s total shares of common stock outstanding to 604.8 million shares as of Sept. 16, 2009, according to the bank.
With the completion of the stock issuance and previous successes in raising capital, Huntington has raised more than $1.2 billion in capital since the beginning of 2009.
The success in raising capital reflects the breadth and depth of investor participation and confidence in the actions the bank is taking to improve its long-term prospects, according to Sharon Speyer, regional president for the Northwest Ohio Region of Huntington Bank.
“We were pleased with the equity issuance and capital raised so we can continue to be a strong partner to the communities and customers we serve,” Speyer said.
By leveraging that investor confidence at this time, the bank is creating an additional cushion during this period of economic weakness. It also increases the banks’ ability to repay $1.4 billion of Troubled Asset Relief Program capital, according to Speyer.
Huntington Bank is a subsidiary of Huntington Bancshares Inc., a $51 billion regional bank holding company based in Columbus. For more information, visit www.huntington.com.