COLUMBUS, Ohio, June 28, 2018 /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 2018 Comprehensive Capital Analysis
and Review ("CCAR"). These planned actions include:
- A 27% increase in the quarterly dividend per common share to
$0.14, starting in the third quarter
of 2018, subject to approval by the Board of Directors;
- The repurchase of up to $1.068
billion of common stock over the next four quarters
(July 1, 2018 through June 30, 2019), subject to authorization by the
Board of Directors; and
- Maintaining dividends on the outstanding classes of preferred
stock and trust preferred securities.
"The disciplined execution of our strategies has driven material
earnings power improvement. Coupled with our commitment to an
aggregate moderate-to-low risk profile and a CET1 capital ratio
modestly above our operating target range, we were well positioned
for this year's Dodd-Frank Act Stress Test and CCAR," said
Stephen D. Steinour, chairman,
president, and CEO. "We are pleased with the Federal
Reserve's non-objection to our proposed capital actions, which
deploy capital in line with our consistently-stated capital
priorities: to fund organic growth first, to increase our quarterly
dividend, and then other uses including returning capital via share
repurchases. This is the eighth consecutive year of an
increased dividend. We are committed to our capital
priorities as we look ahead."
"Our Board, management, and colleagues are strongly aligned with
long-term shareholders. We have built a franchise designed to
deliver efficient growth, disciplined risk management, and a
capital return profile that we believe will create compelling
long-term shareholder returns," said Steinour.
About Huntington
Huntington Bancshares Incorporated is a regional bank holding
company headquartered in Columbus,
Ohio, with $104 billion of
assets and a network of 966 branches and 1,866 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.
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SOURCE Huntington Bancshares Incorporated