Huntington Bancshares Incorporated (NASDAQ:HBAN) has recently completed its Firstmerit Corp (NASDAQ:FMER) acquisition. As a result, FirstMerit Bank has now been merged to Huntington National Bank.
What the Acquisition Means for Huntington Bancshares
Stephen Steinour, Huntington Bancshares Chairman, CEO, and President, noted that the acquisition enables the company to further extend its offerings and enhance customer experience.
About $100 billion in assets has been added to the company’s balance sheet following the successful acquisition of Firstmerit. Moreover, Huntington Bancshares is now in charge of approximately 1,000 FirstMerit Bank branches in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia, and Wisconsin.
The full integration of FirstMerit Bank into Huntington National Bank is expected to be completed by early next year.
New Board of Directors Members
In line with the acquisition of Firstmerit, Huntington Bancshares Board of Directors has appointed four new members. Joining in Huntington Bancshares from Firstmerit Board of Directors are Lizabeth Ardisana, ASG Renaissance CEO; Robert Cubbin, Meadowbrook Insurance Group, Inc. (NYSE:MIG) CEO and President; Gina France, France Strategic Partners Founder, CEO, and President; and Michael Hochschwender, The Smithers Group, Inc. CEO and President.
Steinour believes that all four of them bring in to the table distinct leadership and expertise from their respective experiences as executives. More importantly, their stint at Firstmerit will give Huntington Bancshares a better position in materializing its prospects arising from the integration of the two companies.
Ardisana is also the United Way for Southeastern Michigan Board of Directors Chairperson. Additionally, she is currently an executive committee member at the Michigan Economic Development Corp. Prior to this, she had held an executive post at Ford Motor Company (NYSE:F).
Meanwhile, Cubbin is also currently a member of Kelly Services, Inc. (NASDAQ:KELYA) Board of Directors. He had previously served as the Chief Operating Officer (COO) and General Counsel of Meadowbrook Insurance Group. Prior to joining the said company, he had practiced law at Plunkett & Cooney PC.
On the other hand, France is presently a member of the Board of Directors of Cedar Fair, L.P. (NYSE:FUN) and CBIZ, Inc. (NYSE:CBZ). She had served as an Ernst & Young LLP partner. Prior to this, she had held a Senior Vice President (SVP) post at Lehman Brothers Holdings, Inc.