Updated from 2:18 p.m. EST
Huntington Bancshares(HBAN Quote) sank 8.3% Friday, after becoming the latest casualty of the subprime mortgage meltdown.
The Columbus, Ohio-based bank plans to take an after-tax charge of up to $300 million, or 81 cents a share, and expects to post a net loss for the fourth quarter related to increases in allowance for loan losses tied to its exposure to subprime lender Franklin Credit Management(FCMC Quote). Franklin has ceased making new loans and delayed filing its quarterly results until it can sort out the losses in its loan portfolio.
Huntington, which had $1.5 billion in loans out to Franklin Credit as of Sept. 30, inherited the commercial relationship from Sky Financial Group, which it acquired in July. ...
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