Huntington Bancshares Incorporated (NASDAQ:HBAN) has achieved an acquisition agreement with the First Merit Bank in an effort to expand its market and advance positively in the banking industry in Midwest region. This move has dealt the Huntington bank an astounding $100 billion boost in assets, helping the bank to rise to the top of thetable in Ohio by deposits besides extending its market from six to eight Midwest states.
The merging of the two banks is expected to be complete by early 2017, with the companies having a reputable history of service and financial support to their customers. This is according to Huntington’s CEO Stephen D. Steinour, who also notes that the Huntington bank also prides its ‘award-winning’ experience in providing good customer service. He is now calling upon their prospective customers and partners to coordinate in furthering community support and keeping the banks’ long time legacy going.
The Huntington bank is reported to have previous $73 billion assets with a total of 750 branches across aeight Midwest states, with the FirstMerit recording a $25.5 billion asset regional bank having over 366 branches around Michigan, Ohio, Pennsylvania, Wisconsin and Illinois. With the acquisition comes a wider coverage of the Huntington Bank in the extending growth in locations to serve in areas previously covered by the FirstMerit Bank.
The Bank has been on a growing trend over the recent past, which saw the company previously acquire Australia’s Macquarie Equipment Finance, Inc, seen as an expansion strategy the Bank is employing to widen its coverage as far as possible, counting on the profitability that should come forth eventually.
Both banks’ systems will be in full use over the remaining part of this year with the customers’ relations remaining as they are for now. The current speculation is that further communication will be released to the banks’ customers later on concerning the oncoming changes on branch consolidations, accounts and branch conversions and closures on a number of locations. These changes will be taking effect in the first quarter of next year, when the finalization of merging of the companies will be due.