Huntington Completes Camco Deal, Consolidates Branches
Huntington Bancsharess efforts are paying off. It finally reached a 2013 goal of achieving positive operating leverage by cutting jobs, closing branches and reducing marketing and legal expenses.October 17
Fifth Third, Huntington and KeyCorp all meet or beat earnings estimates, but in conference calls with analysts Thursday their executives were cautious about their growth prospects for the second half of the year.July 18
Huntington Banchshares (HBAN) in Columbus, Ohio, has completed its acquisition of Camco Financial but it has retained only half of Camco's 22 branches.
The $59 billion-asset Huntington paid roughly $97 million in cash for the $760 million-asset Camco and its subsidiary, Advantage Bank. The deal was announced in October and closed Monday.
A Huntington spokesperson said Wednesday that the company has closed 10 Advantage branches, including one in West Virginia, because they were within 2.5 miles of an existing Huntington branch. An 11th branch in Cambridge, Ohio, has been sold to another financial institution, the spokesperson said.
The other 11 Advantage branches in Ohio and Kentucky have been converted to Huntington branches.
The Huntington spokesperson told American Banker that the financial institution continues to look for opportunities to expand.
"Huntington is open to acquisitions in our footprint that will help fill an area where we need more branches," the spokesperson said.