Huntington Bancshares Inc. said Wednesday that it will offer $300 million of common shares in a public offering, part of several actions it has taken to boost its capital so it can repay federal bailout money.
The offering is an acceleration of Huntington’s discretionary equity issuance program announced last month.
The Columbus, Ohio-based company said that program will be terminated upon completion of the new offering.
Huntington Bancshares received a $1.4 billion bailout as part of the Treasury’s Department’s Troubled Asset Relief Program.
The latest sale is part of additional initiatives the bank has recently taken, which will add about $675 million in regulatory common equity so it can be in a better position to repay the money.
“With today’s capital raising actions, coupled with other completed and pending actions, we expect to fully achieve our capital objectives,” said Stephen D. Steinour, chairman, president, and chief executive, in a statement.
Shares of Huntington fell 4 cents to $4.11 in morning trading Wednesday. The stock has ranged from $1 to $13.50 over the past year.
Copyright 2009 The Associated Press.
