COLUMBUS, Ohio -- Huntington Bancshares Inc., holding company of Huntington National Bank, announced Wednesday that it has reached an agreement with Bank of America to buy 13 more of its branches in Michigan.
This follows an earlier agreement where Bank of America will sell 11 branches to Huntington, the banks said.
Terms of the sale were not disclosed. Huntington will acquire some $500 million in deposits and pay a premium of 3.5% based on the deposit balances when the transaction closes at some date in the second half. No loans were included in the purchase.
The 13 branches are in the Monroe and Flint markets.
When the transactions are completed, the 24 branches acquired from Bank of America should increase Huntington deposits by $1 billion, Huntington said.
Published by The Business Journal, Youngstown, Ohio.
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