Boston, MA 05/23/2014 (wallstreetpr) – Huntington Bancshares Incorporated (NASDAQ:HBAN) is a USA based leading financial institution. The bank has done quite well in terms of financial performance in the recent months. According to an announcement made by the management of HBAN, it has agreed to acquire 13 branches in Michigan area. As per the reports, HBAN will buy 13 branches from the leading financial services giant Bank of America. The news came out just after the agreement signed by HBAN to buy 11 branches in the state. HBAN is looking to expand its operations in the state, hence buying a lot of branches at the same time.
If everything goes fine with HBAN and BOA deal, then the company will be able to increase its reach in the East Michigan region. Not only operations, but the company will grow in various areas. As soon as the 13 branches are taken over, there will be new jobs created by Huntington Bancshares Incorporated (NASDAQ:HBAN) . According to the market experts, a minimum of 40 jobs will be created initially. It will take the figures of new jobs posted by the company in the last 3 years over 500.
The Chairman and President of HBAN said in a conference,” Back in 2010, We committed to increasing our network to more than 120 branches within four years. And with the successful execution of the latest deal, we have fulfilled our promise.” He further stated,” We think, Michigan is quite attractive and beneficial for the line of business that we operate. We will try to increase our network to greater heights in coming days.”
According to the market experts, the company may look to acquire few more branches in the current quarter to strengthen its network. The company has been able to put above expected performance in the past months, and with the network of Huntington Bancshares Incorporated (NASDAQ:HBAN) increasing so rapidly, all the investors can look forward to witnessing better results in the coming months.
