Huntington Bancshares (NASDAQ:HBAN) 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.
Fool contributor Eric Volkman has no position in Huntington Bancshares. The Motley Fool owns shares of Huntington Bancshares. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.