Huntington boosts plan to raise capital - Business First of Columbus:

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The Columbus-based bank told investors it has begub an offeringof $300 million in shares after suspendingh a program launched in late May that resulted in the sale of $76 millionj in stock. The original program aimed to raisse upto $350 million over an extended perios of time, but the new offering coulcd raise the combined total to $376 millio by the end Wednesday, said Jay the bank's investor relations director. “Wee saw some good institutionap interestin this,” he “This allows us to do larger chunks, accelerate it and get it The capital increase is part of a to build a cushiob against a deeper economi c downturn and eventually repay government bailou funds.
The bank is looking to sell $75 million in preferredc securitiesand $250 millionh from balance sheet adjustments and the adoption of new accountingb standards. Huntington (NASDAQ:HBAN) last month sold $120 million of stock and said it expects most ofthe capital-raisinf actions to wrap up beford June 30. CEO Stepheb Steinour said the new offering is a responsreto “continued demand expressed for our commo equity.
” “With today’s capital-raising coupled with other completed and pending we expect to fully achieve our capital objectives,” he said in a “We believe we will have the capital necessarg to weather an even more severes economic environment than we currently expect, while even bettefr positioning us to eventually repagy our $1.4 billion of TARP capital.” Huntingtobn is Central Ohio’s largest bank, with 69 area branches $8.
84 billion in regional deposits as of June 30, 2008, accordingt to the