Huntington Bancshares Inc. said it will gain $46.2 million on its purchase of trust-preferred securities as it continues its push to bolster capital by $675 million.
The Columbus, Ohio, regional banking company has raised $567 million, including $449 million of common stock sold. When it unveiled its capital-raising effort last month, it said it planned stock sales of $350 million.
Huntington said $166.3 million of trust securities were tendered, with the company paying $96.2 million. Another $303.9 million of the securities remain outstanding. The exchange was less than the company had targeted; Huntington had planned on a $75 million gain.