Click Cover to Read Digital Edition

AVAILABLE IN THE APP STORE
iPAD APP
iPHONE APP

UPCOMING EVENTS

 
PayThink (formerly ATM, Debit & Prepaid Forum)
October 20-22
JW Marriott Desert Ridge
Phoenix
 
Money20/20
November 2-6
Aria
Las Vegas
 
ABA National Agricultural Bankers Conference
November 9-12
Hilton
Omaha, Neb.
 
ABA Mutual Community Bank Conference
March 22 & 23, 2015
Marriott Marquis
Washington, D.C.
More events >  

<- Back

Share |

Print Friendly and PDF

Ohio: Huntington Bancshares Acquires Camco Financial

 

Oct 10 - Huntington Bancshares Inc. (Nasdaq: HBAN) and Camco Financial Corp. (Nasdaq: CAFI) have jointly announced the signing of a definitive agreement under which Huntington will acquire Camco Financial, the parent company of Cambridge Ohio-based Advantage Bank, in a cash and stock transaction. As of June 30, 2013, Camco operated 22 banking offices throughout eastern and southern Ohio with $0.8 billion in total assets and $0.6 billion in total deposits.

"This is a great opportunity to enhance our presence in several areas within our existing footprint and to expand into several new attractive geographies," said Steve Steinour, chairman, president and CEO of Huntington Bank. "We are pleased to welcome the more than 55,000 customers of Advantage Bank to Huntington. Our new customers will now have access to some of the highest rated customer service in the industry and to some of the most innovative banking products and services, which have helped to grow our customer base by more than 30 percent in the past three years. The acquisition will also give our current customers the convenience of more branches."

"Huntington has a well-known legacy of investing in its customers and communities," said Jim Huston, chairman, president and CEO of Camco Financial and Advantage Bank. "We believe our customers will enjoy excellent service along with Huntington's broader suite of products."

Under the terms of the agreement, which was unanimously approved by the boards of both companies, shareholders of Camco Financial may elect to receive 0.7264 shares of Huntington common stock, or $6 in cash, for each share of Camco Financial common stock, subject to proration provisions specified in the merger agreement that provide for a targeted aggregate split of total consideration of 80 percent common stock and 20 percent cash. Based upon the Oct. 9, 2013, closing price of $8.12 per share of Huntington common stock, the transaction is valued at approximately $97 million, including outstanding options and warrants.

The transaction is expected to be completed in the first half of 2014, subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of the shareholders of Camco Financial. Given the size and structure, the transaction has a de minimis impact to tangible book value. With over 45 percent geographic overlap, Huntington expects the acquisition to be accretive to earnings per share in the first full year. In completing diligence, Huntington reviewed over 75 percent of the loan portfolio.

About Camco Financial Corp.
Camco Financial Corporation, holding company for Advantage Bank, is a multi-state bank holding company headquartered in Cambridge, Ohio. Advantage Bank offers community banking that includes commercial, business and consumer financial services and internet banking from 22 offices. Additional information about Camco Financial may be found on the company's websites: www.camcofinancial.com or www.advantagebank.com.

About Huntington
Huntington Bancshares Incorporated is a $56 billion regional bank holding company headquartered in Columbus, Ohio. The Huntington National Bank, founded in 1866, provides full-service commercial, small business, and consumer banking services; mortgage banking services; treasury management and foreign exchange services; equipment leasing; wealth and investment management services; trust services; brokerage services; customized insurance brokerage and service programs; and other financial products and services. The principal markets for these services are Huntington's six-state banking franchise: Ohio, Michigan, Pennsylvania, Indiana, West Virginia and Kentucky. www.huntington.com

 


Back