Huntington Bancshares issues shares in exchange for 53,809 8.5% preferreds

By Jennifer Chiou

New York, March 25 - Huntington Bancshares Inc. issued 11,715,484 common shares in exchange for 53,809 shares of its 8.5% non-cumulative perpetual convertible series A preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

The company entered into an agreement with an institutional shareholder, and the exchanges will settle on or before March 30.

According to the 8-K, the exchange will result in an addition to Huntington's tangible common equity of $53.8 million.

Huntington Bancshares is a regional bank holding company based in Columbus, Ohio.

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