Huntington Bancshares (HBAN) Completes Macquarie Equipment Finance Purchase

Huntington Bancshares (NASDAQ: HBAN) has completed its acquisition of Michigan-based Macquarie Equipment Finance, Inc. (MEF-US) from its parent company, Sydney, Australia-based Macquarie Group Ltd. The acquisition is expected to be accretive to Huntington’s earnings in 2015.

MEF-US is the largest standalone, independent provider of specialized technology financing in North America with approximately $500 million of annual originations. With today’s announcement, MEF-US will begin transitioning to operate under the name Huntington Technology Finance. Based outside of Detroit, MEF-US is the sixth major investment Huntington has made in Michigan in the past five years.

“The acquisition gives Huntington the ability to expand its already successful equipment financing business nationally and regionally,” said Steve Steinour, chairman, president and CEO of Huntington Bancshares. “With the acquisition we can offer additional leasing options for our corporate, middle market and small business customers in order to help them expand their companies. It also represents another Huntington investment in Michigan, where we are growing our presence and employee base because we believe in the future of the state.”

The transition will be seamless for customers who will continue to interface with the converting MEF-US workforce, under the ongoing leadership of Gregory Goldstein, formerly president of MEF-Global. The acquisition will add more than 165 jobs to Huntington’s colleague base.

“We have organically grown Huntington Equipment Finance by more than 200 percent over the past five years,” said Rick Remiker, Huntington commercial banking director. “With the addition of the MEF-US team, Huntington will have even greater expertise especially in the fast growing health care and technology markets that many of our customers and potential customers need in order to stay ahead of the ever-changing technology curve.”

Under the terms of the agreement, Huntington acquired approximately $900 million of assets and assumed approximately $630 million of debt, securitizations, and other liabilities.

Earlier this month, Huntington announced the opening of 43 additional in-store branches in Michigan that along with the MEF-US acquisition will bring the number of Huntington employees in the state to 2,300. Huntington’s investment in Michigan also includes:

• In 2011 Huntington made $2 billion in lending available to Michigan commercial and small businesses, working with the Michigan Economic Development Corporation (MEDC).
• In 2012 Huntington announced a $100 million statewide commitment to affordable housing investment.
• In 2013 Huntington helped launch the Pure Michigan Micro Lending Initiative.
• In 2014 Huntington added 22 branch locations expanding into new markets in Mid- and East Michigan including Saginaw, Bay City, Midland and Monroe.

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