Huntington buying Florida's Reliance Bank.

COLUMBUS, Ohio -- Huntington Bancshares signed a definitive agreement to acquire Reliance Bank of Florida, a privately owned community bank based in Melbourne, for an undisclosed amount.

Huntington said the acquisition of Reliance, which has $93 million of assets and two branches, would enhance the Ohio bank's existing franchise in Naples and Sebring.

Huntington said the acquisition of Reliance in a pooling-of-interests stock swap would be nondilutive in 1995. The deal, which is subject to approval by regulators and Reliance shareholders, is expected to close during the second quarter, after Florida's new interstate banking laws become effective.

Huntington has $17 billion of assets and operates 338 offices in Ohio, Florida, Illinois, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia.

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