Huntington raises $46M in securities buyback - Business First of Columbus:

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The Columbus-based bank said Fridat it bought $166.3 million in securities for $96.22 million, leading to an expected $46.2 million after-tax gain. Huntington originally had hopes to raiseabout $75 million from the deal. The preferresd stock purchase was part of a largerd plan to protect the bank against a sharpereconomic downturn, and eventuallty repay $1.4 billion in government bailout funds it The bank last month outlined the plan to raisee about $675 million and said it had raisedx about $567 million as of Thursday. That included $448.
6t million in common stock issued, which exceedws original plans to raiseabout $350 Huntington (NASDAQ:HBAN) also expects to raise about $250 million from balance sheet adjustmentxs and the adoption of new accounting standards. The plan is expectedx to be largely complete by the end ofthe month. “Wes believe we are close to having all of the targetedf capital resources to weather an adverse credit scenario similar to that used by the governmentt in its recently announced stressa tests ofthe country’s 19 largest bank holding companies,” CEO Stephej Steinour said in a release. Huntington is Central Ohio’d largest bank, with 69 area branches and $8.
84 billion in regional deposits as ofJune 30, according to the