Huntington Bancshares (HBAN) keeps expanding in Michigan, agreeing to buy 13 more branches from Bank of America (BAC).
The deal, announced Wednesday, comes about a month after the $60-billion asset Huntington agreed to buy 11 other B of A branches in Michigan.
The latest transaction involves 11 branches in the Monroe and Flint markets, and one each in Holland and Muskegon. Financial terms of the deal were not disclosed.
"We view Michigan as very attractive," Stephen Steinour, the chairman and chief executive of Huntington, said in a news release. "We plan to continue to significantly grow our presence within the state, providing financial services solutions to an increasing Huntington consumer and commercial customer base."
Huntington would obtain about $500 million in deposits but no loans in the new deal.
Huntington has added more than 500 jobs in Michigan through its 75 branch acquisitions over the last four years. The Columbus, Ohio, bank anticipates having 2,000 employees within the state by yearend.
Huntington's business journey into Michigan began in 2009 by obtaining the Warren Bank's deposits. Three years later, Huntington acquired the 15-branch Fidelity Bank in Dearborn from the Federal Deposit Insurance Corp.
Most recently, the bank began working with the Michigan Economic Development Corp. to form the Pure Michigan Lending Initiative, which plans to make up to $250 million in small-business loans available throughout the state.
Additionally, the bank in 2012 started a 10-year partnership with the regional supermarket Meijer to open more than 80 in-store Huntington branches. So far, 40 branches are open for business in Meijer stores.