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News < Back Sarbanes Oxley : Law Huntington Bancshares Expects Regulator Oversight Huntington Bancshares Incorporated Provides Update Regarding Regulatory Matters and Announces Negotiations to Extend the Unizan Merger Agreement
Huntington Bancshares Incorporated (NASDAQ:HBAN) ( www.huntington.com ) announced that it expects to enter into formal supervisory agreements with its banking regulators, the Federal Reserve and OCC, providing for a comprehensive action plan designed to address its financial reporting and accounting policies, procedures and controls and its corporate governance practices. Huntington remains in active dialogue with banking regulators concerning these and related matters and is working diligently to resolve this in a full and comprehensive manner. Huntington also announced that it is negotiating a one-year extension of its pending merger agreement with Unizan Financial Corp. Huntington intends to withdraw its current application with the Federal Reserve to acquire Unizan and to resubmit the application for regulatory approval of the merger once it has successfully resolved the aforementioned regulatory concerns. Huntington continues to have ongoing discussions with the staff of the Securities and Exchange Commission (SEC) regarding resolution of its previously announced formal investigation into certain financial accounting matters relating to fiscal years 2002 and earlier and certain related disclosure matters. It is anticipated that a settlement of this matter will involve the entry of an order by the SEC requiring Huntington to comply with various provisions of the Securities Exchange Act of 1934 and the Securities Act of 1933, along with the imposition of a civil money penalty. Huntington's Board of Directors has been overseeing a review of the Company's financial accounting and reporting practices as they relate to the Company's previous accounting restatements and other related matters during the course of the pending SEC inquiry. It has recently engaged the Promontory Financial Group to provide assistance with respect to these and related regulatory matters. The Company believes that it will be able to address all of the issues that have been raised by the SEC and the Company's bank regulators concerning these matters in a comprehensive manner and is working aggressively to do so. Tom Hoaglin, chairman, president and chief executive officer of Huntington, stated, "Huntington's Board of Directors and senior management are fully committed to addressing all of the matters that have been raised by the SEC and our bank regulators during the course of the SEC's investigation and ongoing bank regulatory reviews. We have previously restated our financial results for the periods covered by the SEC's review. We have taken substantial actions to date and will continue to work vigorously in the months ahead to ensure that our policies and practices in these areas meet all best in class standards." 
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