Huntington To Buy Camco Financial; Deal Valued At Approx. $97 Mln - Quick Facts

(RTTNews) - Huntington Bancshares Incorporated (HBAN) and Camco Financial Corp. (CAFI) announced the signing of a definitive agreement under which Huntington will acquire Camco Financial, the parent company of Cambridge Ohio-based Advantage Bank, in a cash and stock transaction.

Under the merger terms, the shareholders of Camco Financial may elect to receive 0.7264 shares of Huntington common stock, or $6.00 in cash, for each share of Camco Financial common stock, subject to proration provisions specified in the merger agreement that provide for a targeted aggregate split of total consideration of 80% common stock and 20% cash. The transaction is valued at approximately $97 million, including outstanding options and warrants.

As of June 30, 2013, Camco operated 22 banking offices with $0.8 billion in total assets and $0.6 billion in total deposits.