Denver, CO – (Stocksntrade) – 05/21/2014 – Huntington Bancshares Incorporated (NASDAQ:HBAN) is working from last four years to increase it network in Michigan. In a recent development, it will purchase 13 Michigan Branches from the leading player Bank of America Corp (NYSE:BAC). Previously, Huntington decided to buy 11 Michigan Branches in April. With the new deal, Huntington will have its operations set in more than 700 locations.
The growing gains
Huntington wants to enhance its Michigan Branch Network from last four years. It wants to set up its branches in more than 120 new locations. The first purchase of 11 Michigan branches from Bank of America included $450 million in customer accounts. The new purchase of 13 branches will add another $500 million in the pool. The company finds Michigan as an attractive area to carry out its operations.
It is again beneficial for Bank of America who is reducing its branches under its cost-cutting planning plans. Apart from Bank of America, there are many other banks that are looking to close the operations in some regions. They even have plans to exit some of the lines of business.
The appointment of new CIO
At one end where Huntington is looking to acquire more Michigan branches, on the other end it is focusing to bring new and experienced talent in the company. Huntington has appointed John Augustine as the new CIO for the Private Client Group. He is an experienced person and an investment strategist with more than 30 years of experience in the various segments including portfolio management, market strategy and banking. His last work experience is with Fifth Third Asset Management, Inc. where he worked for 13 years on the profile of chief economic and market strategist. Huntington Bancshares Incorporated (NASDAQ:HBAN) is riding high on the good news from all side. It seems as it is set to expand its business in the new locations and will seek the experience of most experienced people in its operations.