Breaking News
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

Editors Pick
Global consumer confidence increased in the second quarter to reach the highest levels since the first quarter in 2007 as job optimism improved, results of a survey by Nielsen showed Tuesday. The Nielsen Global Consumer Confidence Index rose a point from the previous quarter to 97 in the second quarter.... Texas Instruments Inc., the world's largest maker of analog chips, said Monday after the markets closed that its second quarter profit rose 3% from last year, as revenue increased 8%. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue. At the same time, the company gave an upbeat outlook for the third quarter. After coming under pressure in early trading on Monday, stocks regained some ground over the course of the trading session but still closed modestly lower. The pullback on the day partly offset the strength that was seen last week.
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.