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| Huntington Expands Equipment Finance Capability by Acquiring LeaseNet Group, Inc. |
COLUMBUS, Ohio, Sept. 19 /PRNewswire-FirstCall/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) today announced it has purchased LeaseNet Group, Inc., a privately held Dublin, Ohio-based equipment leasing company. LeaseNet serves more than 300 clients primarily in the Midwest and specializes in the finance of high-technology equipment with a market focus on network server class equipment for commercial businesses. LeaseNet will operate as a wholly owned subsidiary of Huntington. The Company expects the transaction to be slightly accretive to earnings. The terms of the agreement were not disclosed. "Huntington created the Equipment Finance Division at the end of last year as part of its commitment to bring national scope, expertise and business solutions to our local customers," said Thomas E. Hoaglin, Huntington chairman, president and chief executive officer. "The addition of LeaseNet represents a natural step in our efforts to expand our leasing product offerings, particularly as Huntington already has relationships with some of LeaseNet's customers. Importantly, LeaseNet's Midwest presence offers enhanced efficiency opportunities and will create additional shareholder value." LeaseNet co-founder and President, David Kunchal commented, "We are excited about joining the Huntington family, which enjoys an excellent reputation in the Midwest. The change allows us to expand our business with the support of an established, larger organization while also maintaining the high level of personalized service to our customers." LeaseNet Group, Inc., founded in 1992, plans to add sales representatives in several of Huntington's major markets. "Huntington has been working with LeaseNet over the last several years and we've seen first-hand the strength of the team," said Robert Allanson, president of Huntington's Equipment Finance Division. "Their expertise in understanding technology leasing and client needs represents an important product and service expansion for all of Huntington's customers." About Huntington Huntington Bancshares Incorporated is a $25 billion regional bank holding company headquartered in Columbus, Ohio. Through its affiliated companies, Huntington has more than 136 years of serving the financial needs of its customers. Huntington provides innovative retail and commercial financial products and services through more than 300 regional banking offices in Indiana, Kentucky, Michigan, Ohio and West Virginia. Huntington also offers retail and commercial financial services online at http://www.huntington.com ; through its technologically advanced, 24-hour telephone bank; and through its network of more than 900 ATMs. Selected financial service activities are also conducted in other states including: Dealer Sales offices in Florida, Tennessee, Pennsylvania and Arizona; Private Financial Group offices in Florida; and Mortgage Banking offices in Florida, Maryland and New Jersey. International banking services are made available through the headquarters office in Columbus and additional offices located in the Cayman Islands and Hong Kong.SOURCE Huntington Bancshares Incorporated
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