Huntington Bancshares Incorporated (NASDAQ:HBAN): Expanding Its Presence

Denver, CO – (Stocksntrade) – 05/19/2014 – Recently, Huntington Bancshares Incorporated (NASDAQ:HBAN) has disclosed in a press release that it is going to acquire thirteen branches from the Bank of America Corp (NYSE:BAC) in Michigan. This press release follows up the one in which the company declared the purchase of eleven other branches in the same state. This clearly reveals that Huntington Bancshares is trying to expand its presence in Michigan, which happens to be the company’s plan of action as revealed by the press release.

Michigan-related expansion

Huntington Bancshares Incorporated (NASDAQ:HBAN) reported in its press release that the company is trying is trying to expands its presence in the east Michigan. With the purchase of the thirteen new branches, the company now owns a total number of forty branches in the state. This has happened through a set of consecutive acquisitions, which cumulatively add up to that number.

These acquisitions have made Huntington Bancshares open around five hundred jobs in Michigan between the years 2011 and 2014, the company reports. Huntington Bancshares also reported that the company has contributed to employment growth in the state by hiring new branch employees across all the branches that it now owns in the state.

The Chief Executive Officer of Huntington Bancshares Incorporated (NASDAQ:HBAN), Stephen D. Steinour, revealed that, with the announcement of the latest thirteen-branch acquisition, the company has taken the total number new branches to one hundred and twenty odd locations. He also said that Huntington Bancshares has contributed towards supportive investment in Michigan through these acquisitions and has also promoted job retention in the state. The CEO also mentioned that the company is looking forward to continue its expansion in the state in order to increase the commercial customer and consumer base in the state.

Huntington Bancshares Incorporated (NASDAQ:HBAN) reports in its press release that its journey to expand in the East Michigan began in the year 2009. The company would purchase around $500 million in deposits as per this thirteen-branch acquisition agreement while through the previous one it purchased around $1 billion of deposits.

Pin It

Leave a Reply

Your email address will not be published. Required fields are marked *