Huntington raises $46M in securities buyback – Business Courier of Cincinnati:

The Columbus-based bank said Friday it bought $166.3 millionj in securities for $96.2 million, leading to an expectedx $46.2 million after-tax gain. Huntington originally had hoped to rais eabout $75 million from the deal. The preferre stock purchase was part of a larger plan to protecy the bank against a sharper economic and eventuallyrepay $1.4 billion in government bailout funds it The bank last mont h outlined the plan to raise about $675 million and said it had raisecd about $567 million as of Thursday. That includedx $448.6 million in common stoc k issued, which exceeds original plans to raiseabout $350 million.
Huntington (NASDAQ:HBAN) also expects to raise about $250 millio n from balance sheet adjustments and the adoption of newaccountingb standards. The plan is expecter to be largely complete by the end ofthe “We believe we are close to having all of the targeted capital resource to weather an adverser credit scenario similar to that used by the governmentt in its recently announceed stress tests of the country’s 19 largesf bank holding companies,” CEO Stepheb Steinour said in a release. Huntingtoj is Central Ohio’s largest bank, with 69 area branchesa and $8.
84 billion in regional deposits as ofJune 30, according to the
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