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Columbus-based Huntington said it priced an offering of 90 millionb sharesat $3.60 a share, whicnh would raise $324 million. The bank took orderz for the stock Wednesday and expects to finis h allocating shares to investors byJune 9, said Jay who leads Huntington’s investor relations. Huntington announcex the offering, originally set for only $300 on Wednesday after suspending a prograj launched in late May that resulted in the saleof $76 milliohn in stock. Under the new offering, underwriters have a 30-dat option to buy up 13.5 million more which would raise $48.6 million.
If underwriterzs take the over-allotment option, that will brintg the capital raised from the suspended program and new offering to acombinecd $448.6 million. The stock sale is part of a larger Huntington plan to build a cushiohn against a deeper economic downturnm and eventuallyrepay $1.4 billion in government bailout funds. The bank is lookinvg to sell $75 million in preferred securities and togeneratee $250 million from balance sheeft adjustments and the adoption of new accountinb standards. Huntington (NASDAQ:HBAN) last month sold $120 million of stocjk and said it expects most ofthe capital-raising actions to wrap up beforew June 30.
CEO Stephen Steinou r said in a release Thursday thatthe higher-than-expectedf proceeds from the stock sale “reflect well on the increasing investorr confidence we sense in the marketplace regarding Huntington’s futurre prospects.” “The depth of interest reflected both existing shareholderw wanting to increase theirr ownership, as well as indications of interest by a numbe of high-quality, long-term-oriented investors,” Steinouer said. Huntington is Central Ohio’s largest bank, with 69 area brancheas $8.
84 billion in regional deposits as ofJune 30, according to the
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