By Margarita Snegireva. Shares of Huntington Bancshares Inc plunged Thursday after the U.S. Midwest regional bank projected a fourth-quarter loss of $239 million, blaming a troubling brew of mortgage losses, write-downs and a long list of other charges.
Huntington Bancshares Inc. is a $53 billion Midwestern bank holding company headquartered in Columbus, Ohio. It is the 24th largest American bank.
The company's banking affiliate, Huntington National Bank, provides retail and commercial financial services in Indiana, Kentucky, Michigan, Ohio, Pennsylvania, and West Virginia. Huntington also provides retail services online. There also are selected financial service activities in other states, including offices in Arizona, Florida, Georgia, North Carolina, South Carolina, and Tennessee.
On December 20, 2006, Huntington Bancshares announced they would buy Sky Financial Group Inc. based out of Bowling Green, Ohio. This merger was completed on July 1, 2007, although Sky branches did not change their branding until late September.
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The Basmanny Court of Moscow arrested Michael Calvey, the founder of Baring Vostok investment fund, on allegations of embezzling 2.5 billion rubles from Vostochny Bank. Calvey will be held in custody until April 13