NEW YORK — Following Citigroup Inc.'s lead, Huntington Bancshares Inc. has asked preferred-stock shareholders to convert their shares into common stock to beef up the company's common equity.

The Columbus, Ohio, bank said Wednesday that certain institutional shareholders agreed to convert 53,809 preferred shares into 11.7 million shares of common stock, increasing tangible common equity to $53.8 million.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.