Company Website:
http://www.huntington.com
COLUMBUS, Ohio -- (Business Wire)
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 25% increase in the dividend per common share to
$0.05, starting in the second quarter of 2013, and the potential
repurchase of up to $227 million of common stock through the first
quarter of 2014. Huntington's Board of Directors is expected to consider
the next quarterly dividend and share repurchase program at its April
16, 2013 meeting.
“Today’s action by the Federal Reserve highlights our strong capital
levels and financial performance,” said Stephen D. Steinour, chairman,
president and CEO of Huntington. “This action allows us to increase our
common dividend and share repurchase authorization so that we can expand
our disciplined approach to capital management. Reinvesting excess
capital to organically grow the business remains our priority.
Importantly, dividends and share repurchases provide us additional means
of creating long-term shareholder value. Actual levels of dividends and
share repurchases over time will depend on various factors, including
earnings, growth opportunities, and market conditions.”
About Huntington
Huntington Bancshares Incorporated is a $56 billion regional bank
holding company headquartered in Columbus, Ohio. The Huntington National
Bank, founded in 1866, provides 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 banking franchise: Ohio, Michigan, Pennsylvania,
Indiana, West Virginia, and Kentucky. The primary distribution channels
include a banking network of more than 690 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 1,350
ATMs. Through automotive dealership relationships within its six-state
banking franchise area and selected other Midwest and New England
states, Huntington also provides commercial banking services to the
automotive dealers and retail automobile financing for dealer customers.
Forward-looking Statement
This document contains certain forward-looking statements, including
certain plans, expectations, goals, projections, and statements, which
are subject to numerous assumptions, risks, and uncertainties.
Forward-looking statements may be identified by words such as expect,
anticipate, believe, intend, estimate, plan, target, goal, or similar
expressions, or future or conditional verbs such as will, may, might,
should, would, could, or similar variations.
While there is no assurance that any list of risks and uncertainties or
risk factors is complete, below are certain factors which could cause
actual results to differ materially from those contained or implied in
the forward-looking statements: (1) worsening of credit quality
performance due to a number of factors such as the underlying value of
collateral that could prove less valuable than otherwise assumed and
assumed cash flows may be worse than expected; (2) changes in economic
conditions, including impacts from the implementation of the Budget
Control Act of 2011 and the American Taxpayer Relief Act of 2012 as well
as the continuing economic uncertainty in the US, the European Union,
and other areas; (3) movements in interest rates; (4) competitive
pressures on product pricing and services; (5) success, impact, and
timing of our business strategies, including market acceptance of any
new products or services implementing our “Fair Play” banking
philosophy; (6) changes in accounting policies and principles and the
accuracy of our assumptions and estimates used to prepare our financial
statements; (7) extended disruption of vital infrastructure; (8) the
final outcome of significant litigation; (9) the nature, extent, timing
and results of governmental actions, examinations, reviews, reforms, and
regulations including those related to the Dodd-Frank Wall Street Reform
and Consumer Protection Act; and (10) the outcome of judicial and
regulatory decisions regarding practices in the residential mortgage
industry, including among other things the processes followed for
foreclosing residential mortgages. Additional factors that could cause
results to differ materially from those described above can be found in
Huntington’s 2012 Annual Report on Form 10-K, and documents subsequently
filed by Huntington with the Securities and Exchange Commission. All
forward-looking statements included in this document are based on
information available at the time of the release. Huntington assumes no
obligation to update any forward-looking statement.
Contacts:
Huntington Bancshares Incorporated
Analysts:
Todd Beekman,
614-480-3878
todd.beekman@huntington.com
or
Mark
Muth, 614-480-4720
mark.muth@huntington.com
or
Media:
Maureen
Brown, 614-480-5512
maureen.brown@huntington.com
Source: Huntington Bancshares Incorporated
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