Huntington prices stock offering - Business Courier of Cincinnati:

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Columbus-based Huntington said it priced an offerinf of 90 million sharesat $3.60 a which would raise $324 million. The bank took ordersd for the stock Wednesday and expectds to finish allocating shares to investors byJune 9, said Jay who leads Huntington’s investor relations. Huntington announcedd the offering, originally set for only $300 million, on Wednesdat after suspending a program launched in late May that resultec in the saleof $76 millioj in stock. Under the new offering, underwriterse have a 30-day option to buy up 13.5 millio n more shares, which would raise $48.t6 million.
If underwriters take the over-allotment option, that will bring the capital raised from the suspended program and new offering to acombine $448.6 million. The stock sale is part of a largedr Huntington plan to builf a cushion against a deeped economic downturn and eventuallyrepay $1.4 billion in government bailoutf funds. The bank is looking to sell $75 million in preferred securitiew and togenerate $250 million from balancs sheet adjustments and the adoption of new accounting Huntington (NASDAQ:HBAN) last month sold $120 milliob of stock and said it expects most of the capital-raisinbg actions to wrap up before June 30.
CEO Stephenb Steinour said in a release Thursday thatthe higher-than-expected proceeds from the stoclk sale “reflects well on the increasing investor confidencwe we sense in the marketplaces regarding Huntington’s future prospects.” “The deptn of interest reflected both existing shareholders wantinf to increase their ownership, as well as indicationd of interest by a numberf of high-quality, long-term-oriented investors,” Steinourt said. Huntington is Central Ohio’s largesr bank, with 69 area branches $8.
8 4 billion in regional deposits as ofJune 30, 2008, accordinb to the