Huntington National Bank on Wednesday issued $100 million of bank notes.
The three-year notes were priced at par to yield 4.48%, 35 basis points over the three-year Treasury note.
"This is part of our strategy of moving out of large wholesale CDs and extending maturities a little bit through our note program," said Gerald Williams, executive vice president and chief financial officer of Huntington Bancshares.
The bank's wholesale certificates of deposit -- those for more than $100,000 from depositors who aren't regular customers -- totaled as much as $350 million earlier in the year. That figure had fallen to $230 million at the end of September, he said.
|We are Not Replacing Them'
"We don't have much of a wholesale book, but as they run down, we are not replacing them," he said..
The issue by the Columbus, Ohio, bank is rated Al by Moody's Investor Service Inc. and A by Standard & Poor's Corp. Lehman Brothers managed the issue.
Elsewhere, Santander Finance Ltd., a unit of Banco Santander SA of Spain, filed a shelf registration with the Securities and Exchange Commission for up to $600 million of noncumulative guaranteed preference shares.
Net proceeds will be used for general corporate purposes of the Santander group and to strengthen capital.