Huntington acquires 24 Bank of America branches in Michigan
Huntington Bancshares Incorporated (HBAN), through its subsidiary Huntington National Bank, has completed its acquisition of 24 Bank of America branches in Michigan, Huntington announced today.
0
External
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
The purchase increases the number of Huntington branches in areas of the state where the bank already has a presence and opens up new markets in Flint, Monroe and Saginaw.
The purchase was finalized and the branches were converted to deliver Huntington products and services the weekend of Sept. 12-14. This brings the number of Huntington branches in Michigan to 184, including 40 branches in Meijer stores. Huntington will also obtain approximately $750 million in deposits.
"Huntington's Michigan customers will now enjoy more convenience and accessibility to our 700 plus branch network," said Steve Steinour, chairman, president and CEO of Huntington. "Our new customers can now sign up for one of Huntington's innovative products including the Voice Credit Card® and Asterisk Free Checking® an account that has no minimum balance requirement and comes with 24-Hour Grace ® overdraft protection fee relief. New small business customers can also begin working with Huntington's business bankers, who have helped the bank become the largest SBA 7(a) lender in the country in number of loans as of the third quarter of the Small Business Administration fiscal year."
Huntington's conversion of its newest Michigan branches comes at a time of ongoing Michigan growth for the company, notably with the Meijer in-store branch expansion launched in 2012. Huntington also announced in late 2013 a partnership for the Pure Michigan Micro Lending Initiative that will create Huntington-backed community microlending partnerships throughout the state. Huntington has also exceeded a $2 billion commercial and small business lending goal established for the state in 2011 ahead of its scheduled commitment.
Additionally, Huntington recently donated $250,000 to support the American Red Cross, Southeastern Michigan Region, in its efforts to provide food and other needed services to those Detroit-area residents affected by the recent devastating floods.