Boston, MA 04/10/2014 (wallstreetpr) – Huntington Bancshares Incorporated has announced to acquire 11 branches in the parts of central and eastern Michigan. The bank has announced the signing of an agreement that talks about Huntington purchasing 11 branches in Michigan. Now this agreement will witness an increase in the branches to 173 taking into account the bank branches of the eastern Michigan. The bank would purchase an amount approximately $450 million. Transaction for the same would not include the loans and is thought to be over by the second half of 2014.
Expanding in various locations
While expanding over the areas such as Midland, Port Huron, St. Clair, Alma, Richmond and Algonac, it will also grow in the Bay City areas and Saginaw. Now this acquisition has come after the successful completion of the Camco Financial Corp. (NASDAQ:CAFI) purchase in locations such as West Virginia, Kentucky and Ohio. The bank has been engaged in a lot of public-private partnerships; the announcement marks a display of commitment towards the growth in Michigan. The bank is in talks to have a strategic partnership as far as Meijer is concerned.
More options for customers
The bank has added about 40 in store locations and is going to increase to 80 in store locations, in Michigan by 2020. With the expansion on its way, the bank has also come up with new features for the new customers. New customers can now take advantage of the unique product that the bank has introduced. One of them is Asterisk-Free Checking®, which enables the customers for checking account is having no monthly fee and no requirement of minimum balance. With the transitions in progress, it is expected to escalate the bank’s business and become a top small business administration.
Outcomes of acquisition
Soon after the acquisition is completed, the customers in the Midwest will be able to access about 1500 ATMs set up by the bank without any service charges. Reportedly, the traditional in store branches will also be more.
