Banc One Yields Market to Huntington

After five years of trying to build its presence in Springfield, Ohio, Banc One Corp. has given up and agreed to sell its branches there to competitor Huntington Bancshares.

The deal, which is expected to close sometime in the third quarter, includes four branches and about $138 million in deposits. Terms were not disclosed.

Banc One spokesman John Russell said the bank was unable to achieve its goal of being one of the top three banks in the market, 20 miles north of Dayton and 40 miles west of Columbus. The bank trailed not only Huntington, but also rivals Keycorp, National City Corp., Provident Bancorp, and Springfield-based Security Banc Corp.

Fred Cummings, an analyst with McDonald & Co. Investments Inc., said this kind of deal will become more common. "You're going to see a lot of branch swapping as banks try to rationalize their cost structures."

The deal will increase Huntington's Springfield presence to eight branches and nearly $290 million of deposits.

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