Huntington Bancshares (HBAN) is teaming up with another Buckeye State university.

The $56 billion-asset company in Columbus, Ohio, said Thursday that it has forged a pact with Cleveland State University that gives its Huntington Bank the exclusive right to operate branches and automated teller machines on campus.

Huntington on Thursday opened a branch in Cleveland State's main campus building. The bank also is expected to install four ATMs at the university, where the bank has one ATM already.

As part of the deal, Huntington, which has similar agreements with the University of Toledo and Ohio State University, will award $150,000 in scholarships annually for the next 10 years and donate $250,000 to Cleveland State's theater program.

"This extraordinary university contributes significantly to the vibrancy and economy of our city," Dan Walsh, Huntington's regional president for Cleveland, said in a press release. "We are proud to make this investment in its academic, cultural and athletic excellence."

Huntington has more than 700 branches throughout Ohio, Michigan, Pennsylvania, Indiana, West Virginia and Kentucky.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.