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| Huntington Preferred Capital, Inc. Files Regulatory Reports and Declares Third Quarter Cash Dividend |
Filed Reports Include Sarbanes-Oxley Section 906 Certifications
* June 30, 2002, Form 10-Q
* Amended March 31, 2002, Form 10-Q
* Amended December 31, 2001, Form 10-K
COLUMBUS, Ohio, Aug. 19 /PRNewswire-FirstCall/ -- Huntington Preferred
Capital, Inc. (Nasdaq: HPCCP), a fully consolidated subsidiary of Huntington
Bancshares Incorporated (Nasdaq: HBAN), today filed its Form 10-Q for the
quarter ended June 30, 2002. It also filed an amended March 31, 2002, Form
10-Q and an amended December 31, 2001, Form 10-K, reflecting restatements
which increased on a cumulative basis previously reported results for 1999
through the first quarter of 2002. Each of these reports filed with the
Securities and Exchange Commission included the CEO/CFO certifications
required by the Sarbanes-Oxley Act. Also today, Huntington Preferred Capital,
Inc. (HPCI) announced that its board has declared a regular third quarter
dividend.
HPCI restated its financial results for 1999, 2000, 2001, and the quarter
ended March 31, 2002, after it discovered and corrected a discrepancy in the
systems and methodology used to allocate financial information between
Huntington National Bank (HNB) and HPCI. This allocation discrepancy, which
impacted certain interest income, fees, loan losses, and related provision
expense, existed since October 1999. Correcting for this discrepancy resulted
in a cumulative increase of $57.0 million in HPCI's previously reported net
income for 1999 through the first quarter of 2002 and equity at March 31,
2002. Previously reported earnings coverage of the dividends on HPCI's
preferred stock also increased. HPCI's restated financial information is
reflected in amendments to its Form 10-K for the year ended December 31, 2001,
and Form 10-Q for the quarter ended March 31, 2002. Since HNB and HPCI are
fully consolidated subsidiaries of Huntington Bancshares Incorporated
(Huntington), this restatement had no impact on Huntington's previously
reported consolidated results of operations or financial condition.
HPCI's board of directors also declared a third quarter cash dividend of
$0.4921875 per share on its Class C preferred stock. The dividend is payable
September 30, 2002, to shareholders of record on August 30, 2002.
Huntington Preferred Capital, Inc. is an Ohio corporation that acquires,
holds, and manages mortgage assets and other authorized investments that will
generate net income for distribution to shareholders.
SOURCE Huntington Preferred Capital, Inc.
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CONTACT:
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
