Under the deal, the acquirer purchased FDIC’s 15-branch bank to Huntington effective 31 March 2012, which will work as Huntington branches.
The acquisition of Fidelity Bank has been structured as an assisted whole bank purchase and assumption transaction without a loss share agreement.
Huntington chairman, president, and chief executive officer Stephen Steinour said the bank is pleased to welcome the more than 18,000 customers of Fidelity Bank to Huntington, which has been a leader in investing in Michigan.
"Our new customers will now have access to a broader range of products and some of the highest rated customer service in the industry," Steinour said.
"Our new customers can be assured we will communicate details as soon as they are available, and we will work hard to make certain the transition is as smooth and seamless as possible."
Huntington owns 50 banking offices in Southeast Michigan, over 115 in Michigan and more than 600 branches throughout the Midwest, said the bank.
As of 9 March 2012, Fidelity Bank had $800m in assets and $700m of deposits.
The customers will have access to Huntington’s entire 1,300 ATM network throughout the Midwest, with no service charge, including the 52 ATMs in East Michigan from 13 April 2012 and in last week of June, their existing accounts will be converted to Huntington’s systems, said the bank.
A $54bn regional bank Huntington Bancshares Incorporated caters 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 and brokerage services.
