Huntington National Bank has reached an agreement to acquire 11 branches from Bank of America (BofA) in Central and East Michigan, as part of a strategy to boost its footprint in the region.
Upon completion of the transaction, Huntington’s Michigan branch total increases to 173 statewide including 80 locations in the bank’s East Michigan region.
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In connection with the transaction, Huntington will also buy nearly $450m in deposits, for a deposit premium of 3.5 % based on deposit balances near the time the transaction closes.
Pending receipt of regulatory approvals as well as customary closing conditions, the transaction is expected to conclude during the second half of 2014.
Huntington chairman, president and CEO, Stephen Steinour, said, "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."
Following the acquisition, Huntington’s branch network will expand into Midland, Alma, Port Huron, Gratiot, St. Clair, Algonac and Richmond. The introduction of Huntington in-store Meijer branch locations will enable the lender to grow in the Saginaw and Bay City areas.
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By GlobalDataOnce the transaction is closed, customers can access Huntington’s entire 1,500-ATM network throughout the Midwest, with no service charge, as well as more than 700 traditional and in-store branch locations.
