Huntington Buys Bank of America Branches in Michigan
COLUMBUS, Ohio -- Huntington Bancshares Inc. today announced it has signed a definitive agreement under which Huntington National Bank will purchase 11 branches in central and east Michigan from Bank of America Corp. Huntington’s acquisition will increase the bank’s Michigan branch total to 173 statewide including 80 locations in the east Michigan region.
Huntington said it will purchase approximately $450 million in deposits, for a deposit premium of 3.5% based on deposit balances near the time the transaction closes. The transaction excludes loans and is expected to be completed in the second half of 2014, subject to customary closing conditions, including regulatory approvals.
“We look forward to welcoming these new Michigan customers to Huntington as we enhance our branch service network in an important part of the state,” said Stephen D. Steinour, chairman, president and CEO of Huntington. “We are also looking forward to welcoming new colleagues from these branches retaining Michigan jobs. This acquisition underscores Huntington’s ongoing commitment to Michigan.”
Huntington’s branch network will expand into Midland, Alma, Port Huron, Gratiot, St. Clair, Algonac and Richmond via the acquisition, and grow in the Saginaw and Bay City areas, completing the introduction of Huntington in-store Meijer branch locations. The Michigan acquisition follows the recent completion of Huntington’s purchase of Camco Financial Corp. with locations in Ohio, Kentucky and West Virginia.
Huntington’s described today's announcement as the "latest display of the bank’s commitment to growth in Michigan." Huntington has engaged in a series of public-private partnerships with the state of Michigan and Michigan Economic Development Corp. since 2011, including the successful completion of a $2 billion statewide lending commitment to commercial and small businesses, the company noted.
The bank is also engaged in a strategic partnership with Meijer that has added nearly 40 in-store locations since its launch in 2012, and will comprise more than 80 total in-store Michigan locations by 2020.
Huntington Bancshares is a 459 billion regional bank holding company that operates more than 700 bank offices in Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky.
SOURCE: Huntington Banshares Inc.
Published by The Business Journal, Youngstown, Ohio.
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