Huntington Bancshares Incorporated (HBAN: Quote) 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 buyback of up to $182 million common shares and a continuation of Huntington's current common dividend through the first quarter of 2013. Huntington's board authorized a share buyback program consistent with Huntington's capital plan.
Stephen Steinour, chairman, president and chief executive said, "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." Steinour added, "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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by RTT Staff Writer
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