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.