COLUMBUS, Ohio and CHICAGO, Aug. 9,
2018 /PRNewswire/ -- Huntington Bancshares
Inc. (NASDAQ: HBAN; www.huntington.com) today announced the
signing of a definitive agreement to purchase Chicago-headquartered Hutchinson, Shockey,
Erley & Co. ("HSE"). A public finance investment bank and
broker-dealer, HSE is one of the nation's largest securities firms
focused exclusively on municipal securities. Financial terms of the
agreement were not disclosed. The acquisition, subject to
regulatory approval, is expected to be completed in the fourth
quarter of 2018.
Founded in 1957, HSE serves public sector clients, including
state and local governments and non-profit organizations,
underwriting and structuring debt that funds school construction,
infrastructure development and other capital projects. In addition
to HSE's underwriting capabilities, it maintains a robust trading
and institutional sales platform.
"Hutchinson, Shockey, Erley and Co. is one of the premier
municipal securities firms in the industry. They have an incredibly
strong team of seasoned public finance professionals who average
more than 26 years of experience. We are very excited about the
expertise and capabilities they will bring to Huntington Capital
Markets to complement the growth we've experienced in our existing
government banking and public finance businesses," said
Scott Kleinman, executive managing
director, Huntington Capital Markets.
HSE and the management team will continue to be led
by its CEO and industry veteran, Tom
Dannenberg. The firm will continue to operate under the
Hutchinson, Shockey, Erley and Co. brand and will
continue to be headquartered in Chicago. The firm's operations are
supported by eleven offices dispersed across nine states, which
house its 51 employees. HSE will operate as a standalone broker
dealer working under Huntington Capital
MarketsSM.
"The businesses and the cultures of Hutchinson, Shockey, Erley
and Co. and Huntington are a tremendous fit. Both organizations
are, above all, dedicated to doing the right thing for our
customers," said Tom Dannenberg, CEO
of Hutchinson, Shockey, Erley and Co. "Huntington has been in
operation for more than 150 years and our firm for more than 60
years. That longevity is a testament to our shared commitment to
delivering a value-added superior customer experience for our
clients. Joining forces with Huntington will yield clear benefits
for both parties as we grow and expand capabilities to serve our
clients."
Keefe, Bruyette & Woods, Inc. acted as exclusive
financial advisor to Hutchinson, Shockey, Erley & Co.
About Huntington
Huntington Bancshares Incorporated is
a regional bank holding company headquartered in Columbus, Ohio, with $105 billion of assets and a network of 968
branches and 1,831 ATMs across eight Midwestern states. Founded in
1866, The Huntington National Bank and its affiliates provide
consumer, small business, commercial, treasury management, wealth
management, brokerage, trust, and insurance services. Huntington
also provides auto dealer, equipment finance, national settlement
and capital market services that extend beyond its core states.
Visit huntington.com for more information.
The Huntington National Bank is an Equal Housing Lender and
Member FDIC.
About Huntington Capital
MarketsSM
Huntington Capital MarketsSM
is a service mark under which the corporate and investment banking
products and services of Huntington Bancshares Incorporated and its
subsidiaries, The Huntington Investment Company and The Huntington
National Bank, are marketed. Securities products and services are
offered by licensed securities representatives of The Huntington
Investment Company, registered broker-dealer, member FINRA and
SIPC, and registered investment adviser with the U.S. Securities
and Exchange Commission (SEC).
About Hutchinson, Shockey, Erley and Co.
Hutchinson,
Shockey, Erley & Co. is an investment bank and broker-dealer
that specializes exclusively in municipal securities. With $15MM in
capital and more than fifty employees and offices in nine states,
Hutchinson, Shockey, Erley & Co. provides public finance
services to state and local governments and maintains a robust
underwriting, trading and institutional sales platform. HSE's
commitment to the municipal securities market has been unwavering
since 1957. The senior management team leads a dedicated and
experienced group of professionals who believe in the firm's
mission to provide superior service to our clients under all
circumstances. HSE has leveraged its experience and expertise to
become one of the most active participants in the municipal bond
market, ranking nationally among the top ten competitive
underwriters by volume for six consecutive years.
View original content with
multimedia:http://www.prnewswire.com/news-releases/huntington-bancshares-to-acquire-hutchinson-shockey-erley--co-300695116.html
SOURCE Huntington Bancshares Incorporated