Huntington Bancshares Makes an Acquisition
Huntington Bancshares has boosted an already-strong presence on the Ohio market with a new purchase. The company announced it has reached an agreement to acquire Camco Financial, the parent company of Advantage Bank. The price is roughly $97 million, which will be paid in a mix of stock and cash -- existing Camco stockholders can choose whether to receive 0.7264 shares of Huntington stock, or $6.00 cash, per share that they own.
According to its acquirer, Camco operates 22 banking offices throughout Ohio. It has roughly $800 million in total assets and $600 million in deposits.
The transaction is expected to close in the first half of next year, and is subject to approval from the relevant regulatory bodies.
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