Columbus, Ohio-based Huntington Bancshares Inc. (NASDAQ: HBAN) continues to build its presence in Michigan, announcing today that it has bought 13 branches in the state from Charlotte, N.C.-based Bank of America Corp.
This follows a deal announced in April for Huntington to buy 11 BoA bank branches in Michigan.
“With this announcement, Huntington has committed within the past four years to increase our Michigan branch network by more than 120 new locations,” said Stephen Steinour, chairman, president and CEO of Huntington, in a news release.
“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.”
The newest purchase involves 11 locations in the Monroe and Flint markets and single locations in Holland and Muskegon. Only the Holland and Muskegon branches and one Monroe branch overlap within two miles of Huntington’s existing branch network.
Huntington will purchase about $500 million in deposits. The deal is expected close in the second half of 2014. No loans are included in the purchase.
The two BoA deals will add about $1 billion in deposits for Huntington.
Huntington’s expansion in Michigan began in 2009 with the acquisition of the deposits of Warren Bank and continued with the 2012 acquisition of Dearborn-based Fidelity Bank.
Also in 2012, Huntington announced an exclusive partnership to locate Huntington branches within Michigan Meijer stores, with 40 open so far and more than 40 others planned by 2020.
Overall, the acquisitions and expansion will grow Huntington’s workforce in Michigan from about 1,500 in 2011 to more than 2,000 by the end of this year.
Huntington is also ranked as the No. 1 small business lender in the state by the U.S. Small Business Administration.
