Huntington Bancshares Incorporated HBAN 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.”
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