Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Huntington Bancshares Buys Fidelity Bank In Southeastern Michigan

RELATED NEWS
Trade HBAN now with 

Huntington Bancshares Inc. (HBAN: Quote) announced that it has purchased Fidelity Bank from the Federal Deposit Insurance Corporation or FDIC. Fidelity Bank was closed earlier this evening by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corporation or FDIC as the receiver.

Subsequently, the FDIC sold the 15-branch bank to Huntington. Effective Saturday, March 31, 2012, all of Fidelity Bank branches will open as Huntington branches. Huntington currently has 50 banking offices in Southeast Michigan, more than 115 in Michigan and more than 600 branches throughout the Midwest.

As of March 9, 2012, Fidelity Bank had approximately $0.8 billion in assets and $0.7 billion of deposits.

Huntington said that it has completed due diligence on more than half of the loan portfolio, resulting in an acquisition asset discount of approximately $150 million.

In 2012, the transaction is expected to be over 2% accretive to earnings per share, less than 1% accretive to tangible book value, and very modestly dilutive to Huntington's capital ratios.

The company said that starting Saturday, the former Fidelity Bank customers will continue to conduct banking business at their existing banking offices with familiar employees. Then beginning on April 13, 2012, customers will have access to Huntington's entire 1,300 ATM network throughout the Midwest, with no service charge, including the 52 ATMs in East Michigan. Then in late June, their existing accounts will be converted to Huntington's systems.

Register
To receive FREE breaking news email alerts for Huntington Bancshares Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
With trading resuming following the long, holiday weekend, stocks showed a lack of direction throughout the trading session on Tuesday before ending the day mixed. The markets largely held on to the bulk of their recent gains. The Islamic State (IS), a Sunni extremist group previously known as Islamic State of Iraq and the Levant (ISIL), has released a video purporting to show the beheading of US journalist Steven Sotloff, media reports said Tuesday. According to reports, the video also showed a masked man threatening to execute a British man named David Haines. He also warned governments to stay away "this evil allian Less than a month after resigning from Congress, former House Majority Leader Eric Cantor, R-Virg., has made the move from Washington to Wall Street by joining boutique investment bank Moelis & Co. A statement from Moelis said Cantor will serve as Vice Chairman and Managing Director and also be elected to the company's Board of Directors.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.