Huntington Bancshares to issue convertible preferred shares

Business
Huntington Bancshares to issue convertible preferred shares
Huntington Bancshares to issue convertible preferred shares

Huntington Bancshares Inc. on Tuesday reported an increase in first-quarter earnings, revised profit expectations for 2008, and a plan to issue convertible preferred shares.

The bank said first-quarter earnings were $127.1 million, or 35 cents a share, up from $95.7 million, or 40 cents a share, in the same quarter in 2007.

Huntington also said it has started to offer at least $500 million of convertible preferred shares. Proceeds will be used to increase Huntington's capital, among other uses.

Huntington Bancshares Inc. is a $53 billion Midwestern bank holding company headquartered in Columbus, Ohio. It is the 24th largest American bank.