Wed, Jul. 27, 7:29 AM
- The Feds have demanded divestiture of certain FirstMerit (NASDAQ:FMER) branches in order to greenlight the bank's sale to Huntington Bancshares (NASDAQ:HBAN).
- Today, FirstMerit announces the sale of 13 branches in Stark and Ashtabula counties with about $735M in total deposits to First Commonwealth Bank (NYSE:FCF).
- Approval of the merger is expected this quarter.
Wed, Jul. 13, 12:54 PM
- The two lenders HBAN),+FirstMerit+(NASDAQ:FMER)+Required+to+Conduct+Divestitures+as+Part+of+Merger+-+DOJ/11827417.html" target="_blank">have agreed to sell 13 branches in Northeast Ohio with about $740M in deposits in order to win a green light for their merger from the DOJ. They still await final approval from the Fed.
- Huntington (HBAN -0.7%) has about $73B in assets, and more than 750 branches. FirstMerit (FMER) has $26.1B in assets and roughly 370 branches.
Fri, Jul. 1, 3:46 PM
- A $3.4B deal for Huntington Bancshares (HBAN -1.2%) to acquire FirstMerit (FMER -0.9%) should win an OK from regulators and close this quarter despite the likely consolidation of more than 100 branches, CTFN reports.
- "It's a done deal," says fair housing executive Charles Bromley, who's followed it closely.
- Huntington has pledged $16.1B for community development in Ohio, though risk remains that the merger would affect 50 bank branches -- not in "low-income neighborhoods and communities of colors," Bromley hopes.
- The banks acknowledge they have overlapping franchises in 27 markets in Ohio and Michigan but expect no significantly adverse effect on competition in any market.
Fri, May 20, 7:35 AM
- Huntington Bancshares (NASDAQ:HBAN) will fund $16.1B in investments over five years to underserved borrowers, communities, and small businesses as it merges with FirstMerit (NASDAQ:FMER).
- The plan was developed with the blessing of the National Community Reinvestment Coalition.
- In addition, there's also $55M in philanthropic grants promised.
- Source: Press release
Thu, Apr. 7, 8:44 AM
- The acquisition of Akron-based FirstMerit Bank (NASDAQ:FMER) "will result in public benefits that outweigh any limited inconvenience that might result from” plans to close 107 branches, says Columbus-based Huntington Bancshares (NASDAQ:HBAN) to the Cleveland Fed.
- Huntington is responding to a complaint lodged with the Fed over the branch closings.
- Huntington notes both FirstMerit customers and Huntington customers will have a more extensive branch and ATM network after the merger, not to mention FirstMerit customers will enjoy Huntington's Saturday hours, and grocery store locations.
- Huntington also reminds that 62 of the total 107 closures are considered short-distance branch consolidations - meaning branches are within two miles of a surviving location. The complaining group says those branches slated for closing disproportionately affect lower-income communities.
- Now read: Huntington Bancshares: Dividend Sustainability (Feb. 23)
Tue, Jan. 26, 9:30 AM
- The merger of Columbus-based Huntington Bancshares (NASDAQ:HBAN) and Akron-based FirstMerit (NASDAQ:FMER) would create Ohio's largest bank by deposits, and the combined company would have more almost $100B in assets.
- Consideration: FirstMerit owners will receive 1.72 shares of HBAN and $5 in cash for each share of FMER they own. That's $20.14 per share based on Huntington's closing price last night.
- The deal is expected to be accretive to EPS in 2017 and about 10% accretive in 2018. A better than 400 basis point improvement in the efficiency ratio is expected. Tangible book value dilution should be about 12%, with a 5 1/2 years earnback.
- The purchase is expected to close in Q3, subject, of course to a green light from regulators.
- A conference call to discuss is underway. Slide deck is here.
- FMER +19.6% to $18.38, HBAN -7.05% to $8.18.
Tue, Jan. 26, 1:58 AM
- Huntington Bancshares (NASDAQ:HBAN) has agreed to acquire smaller rival FirstMerit (NASDAQ:FMER) for $3.4B in a tie-up of two Ohio-based lenders.
- Regional banks have seen a steady consolidation since the global financial crisis, as mergers help spread costs over a broader revenue base.
- Excluding one-time merger-related expenses, Huntington expects the cash-and-stock deal, to add to its earnings per share in 2017.
- Previously: FirstMerit jumps 10.5% on report of Huntington buyout talks (Jan. 25 2016)
Mon, Jan. 25, 6:40 PM
- FirstMerit (FMER -4.4%) has jumped 10.5% after hours on a Wall Street Journal report that it's in advanced talks to be bought by Huntington Bancshares (HBAN -3.8%), itself up 3.2% after hours.
- A deal to combine the Ohio-based banks could come as soon as tonight, sources told the WSJ. FirstMerit, which is scheduled to report earnings tomorrow, is expected to sell at a premium to its $2.67B market cap. Huntington has $71B in assets, among the smaller banks subject to Fed stress tests.
- Regional banks have seen a steady consolidation since the global financial crisis, and a tie-up could help these two spread costs over a broader revenue base.
Mar. 11, 2015, 3:10 PM
- "First Niagara (FNFG +0.9%) clearly bit off more than they could chew, trying to do four large acquisitions over a three-year period of time," says analyst Robert Wagner. Now it's paying the price, writes Patty Tascarella, in terms of lagging profits and pressure on the management team to turn things around.
- If no turnaround, who might be a buyer? It would have to be a sizable player, given FNFG's $38B balance sheet.
- Two Ohio-based banks which already have retail presences in Pittsburgh - where Fifth Third operates 59 branches - could make sense, particularly Fifth Third Bank (NASDAQ:FITB), and maybe Huntington Bancshares (NASDAQ:HBAN).
- BB&T (NYSE:BBT) is in the process of buying eastern-PA's Susquehanna Bancshares, and might want to extend its footprint further west, but it could be another few years before BB&T is ready for another major deal.
- Then there's Cleveland-based KeyCorp (NYSE:KEY) which may want to move into a contiguous market, and New York Community Bancorp (NYSE:NYCB) which is based in the same state as First Niagara.
Feb. 24, 2015, 6:49 AM
- Looking to bolster its equipment leasing business, Huntington Bancshares (NASDAQ:HBAN) has agreed to acquire Macquarie Group's (OTC:MCQEF) equipment finance unit for around $380M, Reuters reports, saying a deal could be announced as early as this week.
- Macquarie bought the unit, then named CIT Systems Leasing, from CIT Group in 2008. At the time of the acquisition, the business had $700M of assets.
- HBAN +0.8% premarket
Oct. 10, 2013, 9:01 AM
- Community bank acquisition fans get their tails in the air as Huntington Bancshares (HBAN) agrees to acquire Ohio's Camco Financial (CAFI) in a $97M transcation, based on last night's closing price of Huntington.
- Camco shareholders can choose to receive 0.7264 shares of HBAN stock or $6 per share in cash for their holdings. The sale is expected to close in 2014 H1.
- Camco has 22 branches, $800M in assets, and $600M in deposits.
- Huntington expects the deal to be accretive to EPS in year 1.
- CAFI + 44.6% premarket to $5.71.
Aug. 7, 2012, 1:05 PM
Huntington Bancshares, Inc. is a multi-state diversified regional bank holding company, which engages in the provision of full-service commercial, small business, consumer, and mortgage banking services, as well as automobile financing, equipment leasing, investment management, trust services,... More
Industry: Regional - Midwest Banks
Country: United States