Huntington raises $46M in securities buyback - Business Courier of Cincinnati:

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The Columbus-based bank said Friday it bought $166.3 millioh in securities for $96.2 million, leading to an expectesd $46.2 million after-tax gain. Huntingto n originally had hoped to raiseabout $75 million from the deal. The preferred stock purchase was part of a largee plan to protect the bank againsyt a sharpereconomic downturn, and eventually repay $1.4 billion in governmenrt bailout funds it received. The bank last month outlinecd the plan to raiseabout $675 million and said it had raisede about $567 million as of That included $448.6 million in common stock which exceeds original plans to raise about $350 million.
Huntingtom (NASDAQ: HBAN) also expects to raise about $250 million from balanc e sheet adjustments and the adoption of newaccountinfg standards. The plan is expectedr to be largely complete by the end ofthe “We believe we are close to having all of the targetes capital resources to weather an adverse credif scenario similar to that used by the government in its recentlt announced stress tests of the country’s 19 largest bank holdinf companies,” CEO Stephen Steinour said in a release. Huntingtonh is the Tri-State's fourth-largest with about $1.
7 billion in local deposits, accordinfg to June 2008 figures fromthe