Huntington Bancshares (HBAN) in Columbus, Ohio, plans to close nine branches after its acquisition of Camco Financial (CAFI) in Cambridge, Ohio.
The $56 billion-asset Huntington agreed in October to pay $97 million in cash and stock for the $760 million-asset Camco, which operates Advantage Bank. Huntington expects to shut down eight Advantage branches and one of its own to reduce overlap, the Columbus Business News reported Monday.
All branches set to close are located less than 2.5 miles from an existing Advantage or Huntington branch, according to a letter from Huntington's law firm Wachtell Lipton Rosen & Katz. The affected branches are in Ohio and Kentucky.
"While it is true that Huntington Bank, like any growing banking organization, does usually close or consolidate selected branches after an acquisition in order to eliminate overlap and improve profitability in its branch distribution system, Huntington Bank does so in a manner that is consistent with its objectives of minimizing adverse customer impacts," the law firm said in the letter.
Huntington and Advantage will accept public comments on the proposed branch closures through Jan. 8.
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