Huntington Bancshares Inc - HBAN STOCK NEWS

Huntington has announced two new overdraft protection features: the 24-Hour Grace for Business and a No Overdraft Fee $50 Safety Zone. These initiatives aim to assist customers during the pandemic's economic challenges. The 24-Hour Grace allows customers to avoid overdraft fees if they deposit funds by the next business day. The $50 Safety Zone eliminates fees for overdrafts of $50 or less, up from a previous limit of $5. CEO Steve Steinour emphasizes that these changes reflect Huntington's commitment to customer financial well-being and follow a decade of its Fair Play Banking initiative.

Huntington Bancshares (HBAN) announced the launch of Money Scout, an innovative savings tool designed to help customers effortlessly set aside funds. By analyzing spending habits and income, Money Scout automatically transfers small amounts, ranging from $5 to $50, from checking to savings accounts. This initiative follows the bank's findings that finances are a significant stressor, compounded by the pandemic. Huntington also aims to enhance community financial stability through a $20 billion Community Plan over five years. The tool is integrated into the award-winning Huntington Mobile app and supports long-term financial health.

Huntington Bancshares will present at the Barclays Global Financial Services Conference on September 14, 2020, at 12:00 PM ET. Key executives, including Zach Wasserman, Chief Financial Officer, will discuss the company's business performance and strategic initiatives. Investors can access the live presentation via the investor relations section on Huntington's website, where a replay will also be archived. Huntington, headquartered in Columbus, Ohio, holds $118 billion in assets and operates 839 branches across seven Midwestern states.

Huntington Bancshares (Nasdaq: HBAN) and Michigan Governor Gretchen Whitmer announced a significant $5 billion commitment to enhance financial opportunities in Michigan over five years, as part of a larger $20 billion Community Plan. The initiative aims to support small businesses, particularly those owned by minorities, women, and veterans, along with promoting affordable housing and community lending. Specific programs will be announced soon. This investment underscores Huntington's dedication to socio-economic improvement in the state amidst challenges posed by the COVID-19 pandemic.

Huntington Bancshares has announced a $20 billion, five-year commitment aimed at enhancing financial opportunities across its seven-state Midwest footprint. This initiative, developed with community organizations, includes $7.6 billion for small businesses, focusing on minority, women, and veteran-owned businesses, and $7.5 billion for affordable housing and home ownership. An additional $4.9 billion will target community lending and investment. This plan reflects a $4 billion increase over its previous 2017 Community Development Plan, emphasizing Huntington's dedication to addressing racial and economic disparities.

Huntington (Nasdaq: HBAN) announces a partnership with BillGO to enhance electronic bill payment systems for consumers and businesses. The collaboration aims to improve payment processing speed, security, and transparency, offering features like real-time payments and instant confirmation. Huntington, with $118 billion in assets and 839 branches, seeks to innovate customer experiences through strategic partnerships. BillGO brings expertise in creating seamless payment solutions, targeting frustrations in traditional bill payment methods.

Huntington Bancshares reported a net income of $150 million for Q2 2020, a 59% decrease year-over-year. Earnings per share fell 61% to $0.13. Despite challenges from high credit provisions due to pandemic impacts, tangible book value rose 4% to $8.32. The bank funded over 37,000 PPP loans totaling $6 billion. Noninterest income increased 5%, primarily driven by mortgage banking, while average loans and core deposits grew by 7% and 13%, respectively. A cash dividend of $0.15 per share was declared, consistent with previous quarters.

Huntington Bancshares Incorporated (Nasdaq: HBAN) was notified by the Federal Reserve that its capital ratios meet the minimum requirements under the 2020 Comprehensive Capital Analysis and Review (CCAR). The bank's stress test results validate its ability to declare a quarterly dividend of $0.15, pending Board approval in July. The Federal Reserve will update stress scenarios for banks later this year due to COVID-19 impacts. Huntington emphasizes its commitment to strong capital management and liquidity, as well as its competitive standing among regional banks.