Huntington Bancshares(HBAN Quote) will wipe out $300 million in debt owed by Franklin Credit Management(FCMC Quote) and restructure $1.5 billion in additional loans related to the troubled subprime lender.
In a Securities and Exchange Commission filing late Thursday, Columbus, Ohio-based Huntington said fourth-quarter results would include a $276 million charge for loan and lease losses tied to Franklin. That's slightly smaller than the $300 million charge Huntington anticipated in November, after learning of potential loan losses at Franklin. The bank inherited the commercial relationship from Sky Financial Group, which it acquired in July.
Franklin, which had ceased making new loans and delayed filing its third-quarter results until it can sort out the losses in its loan portfolio, said in a statement Friday the restructuring will allow it to return to profitability. It plans to report third-quarter earnings by Jan. 31. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,388.90 | 1,105.98 | 2,194.35 | 34.83 |
Oil *
77.74
|
|
UP
22.75
|
UP
6.06
|
UP
21.21
|
UP
1.03
|
10 Yr
3.48%
SPDR Gold
113.75
|
|
+0.22%
|
+0.55%
|
+0.98%
|
+3.05%
|
Data delayed 20 minutes |
Connect with TheStreet