Huntington Bancshares Inc. priced its offering of 90 million shares at $3.60 each as it seeks to bolster capital levels by about $675 million.
The offer is a 9.1% discount to the Columbus, Ohio, company's closing price on Wednesday. Huntington had about 400 million shares outstanding.
The regional said last month that it independently decided to apply forecasts from the government's stress test to its own book of loans, though the government had not suggested it do so. Some analysts and investors have speculated that the government will undertake subsequent rounds of stress tests by applying its forecasts to regional and small banks.
A number of financial and other companies have been taking advantage of relative market strength recently to bolster their capital levels to repay the Treasury Department's Troubled Asset Relief Program, under which Huntington received $1.4 billion.