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HUNTINGTON BANCSHARES TO ACQUIRE CHARTER OAK FINANCIAL CORPORATION

 HUNTINGTON BANCSHARES TO ACQUIRE
 CHARTER OAK FINANCIAL CORPORATION
 COLUMBUS, Ohio, Oct. 14 /PRNewswire/ -- Huntington Bancshares Incorporated (NASDAQ: HBAN) and Charter Oak Financial Corporation of Cincinnati, announced today that they have signed a definitive agreement with respect to a merger in which Charter Oak would become a part of The Huntington National Bank.
 Charter Oak Financial Corporation is a privately-owned thrift holding company with total assets of $480 million. The company operates seven offices in Cincinnati and five offices in Columbus with total deposits of $370 million.
 Huntington will exchange its common stock for shares of Charter Oak in a purchase transaction which is expected to be anti-dilutive to Huntington's earnings. Completion of the transaction is subject to approval by appropriate regulatory agencies.
 "We are extremely pleased that Charter Oak has entered into this agreement with Huntington. The Charter Oak banking office network will enhance Huntington's presence in two key Ohio markets," stated Frank Wobst, chairman and chief executive officer of Huntington Bancshares Incorporated.
 "Huntington is an excellent, well-diversified financial services company with a reputation for high quality customer service. Our customers will benefit from the depth of product offerings Huntington has to offer," stated


Tom Mongan, chairman of Charter Oak Financial Corporation.
 Huntington Bancshares Incorporated is a $13.5 billion regional bank holding company headquartered in Columbus, Ohio. The company's banking subsidiaries operate 275 offices in Ohio, Florida, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia. In addition, Huntington's mortgage, trust, investment banking, and automobile finance subsidiaries manage 52 offices in the seven states mentioned as well as Connecticut, Delaware, Illinois, Maryland, Massachusetts, New Jersey, North Carolina, Rhode Island, and Virginia.
 -0- 10/14/92
 /CONTACT: Debra Dendahl Hadley of Huntington Bancshares, Inc., 614-463-4304/
 (HBAN) CO: Huntington Bancshares, Inc.; Charter Oaks Financial Corp. ST: Ohio IN: FIN SU: TNM


BM -- CL009 -- 9770 10/14/92 10:40 EDT
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Publication:PR Newswire
Date:Oct 14, 1992
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