Updated to include First Horizon TARP repayment, updated stock pricesCOLUMBUS, OHIO ( TheStreet) -- Huntington Bancshares' ( HBAN) decision to raise more than $1.2 billion in order to repay taxpayer funds doesn't bode well for other regional banks that still owe Uncle Sam. Shares of Huntington Bank dropped more than 6% at the start of the trading day after it announced plans to raise $920 million through a common stock offering. The stock was more recently trading down 5% to $6.50 on very strong trading volume of 17 million shares in the first hour of trading. Huntington also plans to raise $300 million through a debt offering of subordinated notes at a future date, it said. The two offerings are not co-dependent on one another, the bank said. Huntington plans to use the offerings proceeds to repurchase all of the $1.4 billion shares still held by the U.S. Treasury Department through ithe Troubled Asset Relief Program (TARP).