Huntington Bancshares Receives No Objection from the Federal Reserve for Proposed Capital Actions, Including an Increase of t...
March 11 2015 - 04:35PM
Business Wire
Huntington Bancshares Incorporated:
Huntington Bancshares Receives No Objection
from the Federal Reserve for Proposed Capital Actions, Including an
Increase of the Quarterly Dividend to $0.07 Per Common Share in the
Fourth Quarter of 2015 and the Repurchase of Up to $366 Million of
Common Stock
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 a 17% increase in the
quarterly dividend per common share to $0.07, starting in the
fourth quarter of 2015, and the potential repurchase of up to $366
million of common stock over the five-quarter period through the
second quarter of 2016. Huntington's Board of Directors is expected
to consider the next quarterly dividend and the share repurchase
program at its April 21, 2015 meeting.
“We are pleased to have earned the opportunity to increase our
capital return to our shareholders for the second consecutive year
under the CCAR process,” said Stephen D. Steinour, chairman,
president and CEO. “The Federal Reserve’s non-objection to our
intended capital actions is indicative of our strong capital levels
and financial performance. Our intended capital actions reflect our
well-articulated capital priorities, with reinvesting excess
capital in the organic growth of the business remaining our top
priority.”
About Huntington
Huntington Bancshares Incorporated is a $66 billion asset
regional bank holding company headquartered in Columbus, Ohio. The
Huntington National Bank, founded in 1866, and its affiliates
provide 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 retail banking franchise: Ohio,
Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky. The
primary distribution channels include a banking network of more
than 700 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 more than 1,500 ATMs. Through
automotive dealership relationships within its six-state retail
banking franchise area and selected other Midwest and Northeast
states, Huntington also provides commercial banking services to the
automotive dealers and retail automobile financing for dealer
customers.
Huntington Bancshares IncorporatedAnalysts:Mark Muth,
614-480-4720mark.muth@huntington.comorMedia:Maureen Brown,
614-480-5512maureen.brown@huntington.com
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