StockNews.AI
HBAN
StockNews.AI
74 days

ARGENT INSTITUTIONAL TRUST COMPANY TO ACQUIRE CORPORATE TRUST AND INSTITUTIONAL CUSTODY BUSINESS FROM HUNTINGTON BANK

1. AITC agrees to acquire Huntington's corporate trust and custody business. 2. Acquisition strengthens AITC's market position and service capabilities. 3. Clients will still access Huntington’s solutions alongside AITC services. 4. Key Huntington personnel will transition to AITC for service continuity. 5. Integration to be completed in upcoming months, enhancing service flexibility.

8m saved
Insight
Article

FAQ

Why Bullish?

The acquisition suggests strategic growth for Huntington, improving market positioning, similar to previous industry consolidations which often enhance financial performance.

How important is it?

The acquisition directly impacts Huntington's service offerings and client relationships, which are crucial for its future growth.

Why Long Term?

The full benefits of the acquisition will materialize over time, impacting client satisfaction and revenue positively, as seen in past banking acquisitions.

Related Companies

AITCCJPMUSBWFC
, /PRNewswire/ -- Argent Institutional Trust Company (AITC), a Tampa, Florida-based trust company and a leading provider of corporate and institutional trust services, today announced it has entered into a definitive agreement to acquire the corporate trust and institutional custody business of The Huntington National Bank ("Huntington"), a wholly owned banking subsidiary of Huntington Bancshares Incorporated (Nasdaq: HBAN). This strategic acquisition will significantly expand AITC's institutional trust footprint, deepening its capabilities and strengthening its position as a national leader in corporate trust and custody services. The transaction includes the transfer of key client relationships, personnel, and operational infrastructure from Huntington to AITC. AITC and Huntington will have an ongoing relationship in which Argent will provide corporate trust, escrow, and custody solutions to Huntington's business and commercial banking clients. By aligning AITC's administration teams with Huntington's corporate, commercial, and government banking teams, clients will continue to have access to their current banking solutions through Huntington plus an expanded array of corporate trust and institutional custody options through AITC. Key Huntington personnel will be transferring to AITC, meaning clients will continue to receive exceptional service. "This acquisition aligns with our long-term growth strategy and commitment to delivering high-quality, customized trust and agency solutions," said Anthony (Tony) Guthrie, Chairman of AITC. "We are excited to welcome Huntington's talented team and their clients to AITC. This addition enhances our scale, expertise, and the depth of service we can offer to our institutional partners across the country." "I'm delighted that Huntington recognized the expertise and quality of corporate trust and institutional custody services at AITC and was confident that its clients would continue to receive unparalleled support from a full-service provider," added Steven B. Eason, CEO of AITC. Huntington's corporate trust and institutional custody business, which provides bond trustee, paying agent, escrow agent, collateral agent, and custody services to corporations, municipalities, mutual funds, and not-for-profit clients, will be integrated into AITC's national platform through the acquisition, ensuring continuity for existing clients while enhancing service flexibility and innovation. "Our mission is to keep clients at the center of all we do, and this relationship allows these corporate trust and institutional custody clients to continue to benefit from a high level of expertise, service and commitment to their financial success," said Melissa Holding, Executive Vice President and Director of Wealth Management at Huntington. "We're confident that clients will continue to receive the exceptional service they have come to expect, and that both clients and colleagues will experience a seamless transition." AITC plans a seamless transition, with full integration expected to be completed in the coming months. The company will continue to operate with the same client-centered philosophy that has defined its more than 70-year history. About Argent Institutional Trust Company (AITC) Originally founded as Trust Management Incorporated in 1954, TMI was a Texas-chartered trust company. In August 2023, TMI merged with Argent Financial Group to become AITC and is headquartered in Tampa, FL, as a Florida trust company. Since its inception, AITC has grown into a full-service provider of trust and agency services. AITC operates administration offices in Tampa (FL), Atlanta (GA), Fort Worth (TX), Milwaukee (WI), and New York City (NY), delivering exceptional client care across four primary service categories: trustee, escrow, and loan agency; custody services; IRA; family office and investment partnerships. AITC is a wholly owned subsidiary of Argent Financial Group (Argent), a leading, independent client asset services firm with a particular focus on corporate trust and custody services through AITC. Following this acquisition, the firm will be responsible for more than $175 billion in client assets. Formed in 1990 in Ruston, Louisiana, Argent can trace its roots back to 1930. For more information, visit www.ArgentFinancial.com. About Huntington Huntington Bancshares Incorporated is a $210 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates 968 branches in 13 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information. SOURCE Argent Institutional Trust Company WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Related News