Huntington Bancshares Inc. has agreed to become Ohio State University’s official consumer bank.
Under terms of the 15-year deal, Huntington will increase its number of automated teller machines from 10 on campus to 26 in the University District and will add up to four branches on the main campus, the Columbus, Ohio, bank said Thursday. The exclusive deal will give the $54 billion-asset Huntington access to more than 600,000 students, faculty, staff and alumni.
Ohio State, also based in Columbus, will share revenues with Huntington and will receive a $25 million donation from the bank that the university said it will use for academic scholarships and educational programming.
Huntington also has committed $100 million in community lending and investments for economic development of Columbus’ University District and Near East Side areas and has agreed to provide 20 paid internships for Ohio State students each year.
With the pact, Huntington will unseat some of its main rivals, including Fifth Third Bancorp, U.S. Bancorp and a credit union, which all have ATMs and branches at the school. JPMorgan Chase & Co. also has ATMs on campus. Ohio State will honor its current contracts with these other banks, Shelly Hoffman, a university spokeswoman said.
Hoffman said the exclusive partnership with Huntington was a first for the school. University faculty and staff who become Huntington customers will receive the same checking account offering as Huntington employees, she said.
