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| Huntington Preferred Capital, Inc. Requests Extension for Filing June 30, 2002, Form 10-Q |
* Huntington Bancshares Incorporated Results Unaffected
* Huntington Preferred Capital Previously Reported Net Income May
Increase
COLUMBUS, Ohio, Aug. 14 /PRNewswire-FirstCall/ -- Huntington Preferred
Capital, Inc., (Nasdaq: HPCCP), a fully consolidated subsidiary of Huntington
Bancshares Incorporated (Nasdaq: HBAN) with a publicly traded class of
preferred securities, today requested a five day extension for filing its Form
10-Q for the quarter ending June 30, 2002, as permitted under the Securities
Exchange Act of 1934. HPCI's Form 10-Q was otherwise due on August 14, 2002.
The extension was requested to allow for a complete analysis and correction of
the systems and methodology used to allocate financial information among
Huntington's subsidiaries prior to finalizing HPCI's second quarter Form 10-Q.
This allocation of income, expense and other financial information among
subsidiaries takes place after Huntington's consolidated financial statements
are prepared and reviewed. A preliminary review of the second quarter 2002
allocations indicated that interest income and certain charge-offs and related
provision expense were not fully allocated between The Huntington National
Bank (HNB) and HPCI. Further analysis has determined this discrepancy has
existed since October 1999. Indications are that when corrected, HPCI's
previously reported net income and equity will increase on a cumulative basis
over this period. Earnings coverage of the dividends on the public preferred
stock also will increase, thereby having no impact on HPCI's continued ability
to pay dividends.
Since HPCI and HNB are fully consolidated subsidiaries of Huntington, any
reallocation of financial information between these two subsidiaries has no
impact on Huntington's consolidated results of operations or financial
condition.
Huntington Preferred Capital, Inc. is an Ohio corporation and a real
estate investment trust for federal income tax purposes. The principal
business objective is to acquire, hold, and manage mortgage assets and other
authorized investments that will generate net income for distribution to
shareholders.
SOURCE Huntington Preferred Capital, Inc.
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Investors, Jay Gould, +1-614-480-4060, or
Susan Stuart, +1-614-480-3878, or Media, Jeri Grier,
+1-614-480-5413, all of Huntington Bancshares Incorporated
