Huntington Bancshares (HBAN) Passes Fed's Stress Test, Issues Comment
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Huntington Bancshares Incorporated (Nasdaq: 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 the potential repurchase of up to $182 million shares of common stock and a continuation of Huntington's current common dividend through the first quarter of 2013. Huntington's Board of Directors authorized a share repurchase program consistent with Huntington’s capital plan.
“We are pleased that the Federal Reserve has completed its review and did not object to our potential capital distributions,which allows us to maintainour common dividend and establish our share repurchase authorization, enabling us to expand our disciplined approach to capital management,” said Stephen D. Steinour, chairman, president and chief executive officer. “Today’s action highlights our strong capital levels and improved financial performance. Reinvesting excess capital to organically grow the business remains our priority. Importantly, dividends and share repurchases provide us additional options to create long-term shareholder value subject to various factors including earnings opportunities and market conditions."
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“We are pleased that the Federal Reserve has completed its review and did not object to our potential capital distributions,which allows us to maintainour common dividend and establish our share repurchase authorization, enabling us to expand our disciplined approach to capital management,” said Stephen D. Steinour, chairman, president and chief executive officer. “Today’s action highlights our strong capital levels and improved financial performance. Reinvesting excess capital to organically grow the business remains our priority. Importantly, dividends and share repurchases provide us additional options to create long-term shareholder value subject to various factors including earnings opportunities and market conditions."
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