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Bank Announces Acquisition

This Two-rated name is paying cash and stock for the deal, which is expected to add to earnings within the first year.
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Earlier today, model portfolio name Huntington Bancshares (HBAN) announced a $97 million acquisition of Ohio-based bank, Camco Financial (CAFI) . This Alert is an update on the company and we're not recommending any trades for the model portfolio.

Camco operates 22 branches and has $600 million of deposits. Huntington is paying cash and stock for the deal, which is expected to add to earnings within the first year.

We maintain our Two rating on the stock, which is currently changing hands around $8.30. We believe the company can continue to deliver above-average growth over the coming quarters and shares also offer a solid 2.4% dividend yield.

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