Huntington Bancshares has reached an agreement to acquire additional 13 Bank of America’s (BofA’s) branches, as it continues to build its presence in Michigan state.
This current announcement by Huntington follows a recent deal signed in April to acquire 11 BofA bank offices located in Michigan.
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Huntington chairman, president and CEO Stephen Steinour said, "With this announcement, Huntington has committed within the past four years to increase our Michigan branch network by more than 120 new locations."
"We view Michigan as very attractive. We plan to continue to significantly grow our presence within the state, providing financial services solutions to an increasing Huntington consumer and commercial customer base."
Out of the 13 branches, 11 are located in the Monroe and Flint markets, and two in Holland and Muskegon.
In connection with the branch acquisition, Huntington will acquire nearly $500m in deposits, for a deposit premium of 3.5% based on deposit balances at the time the transaction closes, which is expected to be in the second half of 2014.
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By GlobalDataMEDC president and CEO Michael Finney commented, "Expansion and investment in Michigan will provide even greater scale for Huntington and demonstrates its commitment to small business lending, a customer-friendly approach and local workforces that has and will continue to benefit Michigan’s strengthening economy."
Upon completion of the transaction, customers also will have access to Huntington’s 1,500-ATM network across the Midwest, with no service charge, as well as more than 700 traditional and in-store branch locations.
