Huntington Bancshares Incorporated (NASDAQ: HBAN;
) announced today the signing of a definitive agreement under which Huntington National Bank will purchase 11 branches in Central and East Michigan from Bank of America Corporation. Huntington’s acquisition will increase the bank’s Michigan branch total to 173 statewide including 80 locations in the bank’s East Michigan region.
Huntington will purchase approximately $450 million in deposits, for a deposit premium of 3.5 percent based on deposit balances near the time the transaction closes. The transaction to acquire branches and deposits excludes loans and is expected to be completed in the second half of 2014, subject to the satisfaction of 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 successful completion of Huntington’s purchase of Camco Financial Corp. with locations in Ohio, Kentucky and West Virginia.
Huntington’s announcement today is 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 Corporation since 2011, including the successful completion of a $2 billion statewide lending commitment to commercial and small businesses. The bank is also engaged in ongoing 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.