COLUMBUS, Ohio - Huntington Bancshares Inc. said it had a definitive agreement to acquire Cincinnati-based Charter Oak Financial Corp., a privately owned thrift company with $480 million in assets.

Charter's $370 million in deposits and 12 offices would be folded into Huntington's flagship bank, Huntington National of Columbus.

Huntington, which has $13.5 billion in assets and 275 banking offices in seven states, said it would pay in common stock. The amount was not disclosed, but Huntington said the transaction would not dilute its earnings.

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