Huntington Bancshares Inc Stock Price, News & Analysis

Huntington Bancshares (Nasdaq: HBAN) announced a new Strategic Community Plan with a commitment of $40 billion to address social, racial, environmental, and economic inequities. This initiative focuses on improving financial access for minority and under-resourced communities, with specific allocations of $16 billion for minority borrowers and $24 billion for affordable housing. Additionally, Huntington will invest $10 billion in small business loans and $6.5 billion in community development. This plan follows their merger with TCF Financial, enhancing their community engagement and financial strength.

Huntington Bancshares Incorporated (Nasdaq: HBAN) has announced the redemption of all 24 million outstanding depositary shares (Nasdaq: HBANO) on July 15, 2021. Each share represents a 1/40th interest in Huntington's 6.250% Series D Non-Cumulative Perpetual Preferred Stock. The shares will be redeemed at $25.00 each, plus declared and unpaid dividends of $0.390625 per share, totaling $15.625 for the period from April 15 to July 15, 2021. Post-redemption, dividends will cease to accrue on these shares.

On June 9, 2021, Huntington Bancshares completed its merger with TCF Financial Corporation, forming a top 25 U.S. bank holding company with approximately $175 billion in assets.

This merger enhances Huntington's profitability, scale, and market position, while creating revenue growth opportunities and significant cost synergies.

Huntington appointed five new directors from TCF, ensuring a distributed leadership model across critical markets, including Minnesota and Colorado.

Shareholders of TCF received 3.0028 shares of Huntington stock per share owned, with dividends announced for the newly converted shares.

Huntington Bancshares Incorporated (Nasdaq: HBAN) will participate in the 2021 Morgan Stanley US Financials, Payments, & CRE Conference on June 15, 2021, at 11:00 AM ET. CFO Zach Wasserman will present virtually, discussing the bank's business performance and strategic initiatives. The presentation will include forward-looking statements. Investors can access the live audio presentation via Huntington's investor relations website, with a replay available afterward. Huntington, based in Columbus, Ohio, manages $126 billion in assets across 814 branches and provides a range of financial services.

Huntington (Nasdaq: HBAN) has launched Standby Cash, its first digital-only product, enabling eligible customers to access a line of credit up to $1,000 without interest or fees if on automatic payments. Qualification relies on the management of checking accounts rather than credit scores. This initiative aligns with Huntington's Fair Play Banking philosophy, aiming to assist customers with unexpected expenses and promote long-term financial health, particularly during the ongoing challenges of the COVID-19 pandemic.

Huntington Bancshares and TCF Financial Corporation announced that regulatory approvals from the Federal Reserve Board and the Office of the Comptroller of the Currency have been granted for their upcoming merger. As part of this agreement, TCF National Bank will divest 14 banking centers in Michigan to Horizon Bank, totaling approximately $975 million in deposits. The merger is anticipated to close around June 9, 2021, following the satisfaction of customary closing conditions. This merger aims to strengthen Huntington's market presence in the Midwest.

Huntington Bancshares Incorporated has declared a quarterly cash dividend of $0.15 per common share, payable on July 1, 2021, for shareholders recorded on June 17, 2021. Additionally, the Board announced dividends for its preferred stocks, including $7.20937324 for Series B and $14.69 for Series C, among others, all payable on July 15, 2021. The company's total assets amount to $126 billion, with an extensive network of 814 branches and 1,314 ATMs across the Midwest.

Huntington Bancshares reported a strong first quarter in 2021, with a net income of $532 million, an increase of $484 million year-over-year. Earnings per share rose to $0.48, and total revenue increased 19% to $1.4 billion. The bank saw significant growth in net interest income, driven by a $144 million mark-to-market benefit from interest rate caps. Average loans increased by $4.6 billion, while nonperforming assets decreased. The company is on track to complete the TCF Financial acquisition in the second quarter.