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Huntington National Bank acquires deposits and assets of Warren Bank

The Huntington National Bank has acquired all of the deposits and certain assets of Warren Bank from the Federal Deposit Insurance Corporation (FDIC). All the parties involved in the transaction are based in the US.

Both Huntington National Bank and Warren Bank are providers of personal and commercial banking products and services.

Warren Bank was closed on October 2, 2009 by the Michigan Office of Financial and Insurance Regulation, which appointed the FDIC as receiver.

As part of the transaction, Huntington National Bank will pay the FDIC a premium of 0.27% to assume all of the deposits of Warren Bank. In addition to assuming all of the deposits of Warren Bank, Huntington National Bank will purchase approximately $83 million of the Warren Bank's assets.

Wachtell, Lipton, Rosen & Katz served as legal advisor to Huntington National Bank on the transaction.

Deal Type    Acquisition
Sub-Category Asset Purchase
Deal Status  Completed: 2009-10-02

Deal Participants

Target (Company)   Warren Bank - Deposits
Acquirer (Company) The Huntington National Bank (formerly The Huntington National Bank of Columbus)
Vendor (Company)   Federal Deposit Insurance Corporation

Deal Rationale

The transaction strengthens Huntington National Bank's Macomb County deposit market share from 10% to almost 14%. The acquisition further deepens Huntington National Bank's presence and better positions itself to take advantage of the pockets of growth opportunities that exist. In addition, this expansion allows it to realize the benefit of certain expense efficiencies.

Copyright (C) 2009 Datamonitor Financial Deals Tracker. All rights reserved

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Related terms: acquisition, advisor, bank, banking, commercial, expansion, FDIC, federal, insurance, legal, market share, products

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