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Huntington to convert 8.50% series A preferred stock

Columbus, Ohio-based Huntington Bancshares Inc. will convert all its outstanding 8.50% series A preferred stock into common stock, effective Feb. 22.

Huntington's common stock had closed above $15.54, or 130% of the applicable conversion price, for 20 trading days in a 30-day period. That triggered the company's right to convert the shares.

There are 362,253 series A preferred shares outstanding; each will be converted into 83.6680 common shares. Cash will be paid in lieu of fractional shares.

The conversion will not impact per-share earnings or guidance. The converted shares will be eligible to receive the common stock dividend to be paid out April 2.