Continuing its expansion in Michigan, Huntington Bancshares (HBAN) in Columbus, Ohio, has agreed to purchase 11 branches in the eastern part of the state from Bank of America (BAC).
The deal, expected to close in the second half of the year, would give Huntington an additional $450 million in deposits in Michigan. As of June 30, 2013, Huntington had the No. 6 market share in the state, with nearly $7.8 billion, according to Federal Deposit Insurance Corp. data. The $59 billion-asset Huntington would not acquire any loans in the deal.