COLUMBUS, Ohio, June 28, 2017 /PRNewswire/ -- 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 in the 2017 Comprehensive Capital Analysis
and Review ("CCAR"). These planned actions include:
- A 38% increase in the quarterly dividend per common share to
$0.11, starting in the fourth quarter
of 2017, subject to approval by the Board of Directors,
- The repurchase of up to $308
million of common stock over the next four quarters
(July 1, 2017 through June 30, 2018), subject to authorization by the
Board of Directors, and
- Maintaining dividends on the outstanding classes of preferred
stock and trust preferred securities.
"The Federal Reserve's non-objection to our proposed capital
actions reflects our balance sheet strength, financial performance,
and our commitment to an aggregate moderate-to-low risk profile,"
said Stephen D. Steinour, chairman,
president, and CEO. "We are pleased with the results of the
recent Dodd-Frank Act Stress Test and CCAR as they illustrate
continued strong risk management at Huntington and the extent to
which we have rebuilt capital after the FirstMerit acquisition.
"The continued execution of our strategic plan, including the
successful integration of the FirstMerit acquisition, will allow us
to accelerate the achievement of our long-term financial goals and
positioned us to deploy capital consistent with our well-stated
capital priorities: to fund organic growth first, to increase our
quarterly dividend for the fourth consecutive year, and then other
uses including returning capital via share repurchases," said
Steinour.
About Huntington
Huntington Bancshares Incorporated is a regional bank holding
company headquartered in Columbus,
Ohio, with $100 billion of
assets and a network of 996 branches and 1,855 ATMs across eight
Midwestern states. Founded in 1866, The Huntington National Bank
and its affiliates provide consumer, small business, commercial,
treasury management, wealth management, brokerage, trust, and
insurance services. Huntington also provides auto dealer, equipment
finance, national settlement and capital market services that
extend beyond its core states. Visit huntington.com for more
information.
Analysts:
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Mark Muth
(mark.muth@huntington.com), 614.480.4720
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Media:
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Matt Samson
(matt.b.samson@huntington.com), 312.263.0203
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Michael Sherman
(michael.sherman@huntington.com), 614.480.6114
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SOURCE Huntington Bancshares Incorporated