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HUNTINGTON COMPLETES ACQUISITIONS OF TWO INDIANA THRIFTS

 COLUMBUS, Ohio, Dec. 29 /PRNewswire/ -- Huntington Bancshares Incorporated (NASDAQ: HBAN) reported that it completed the acquisitions of two savings institutions in Indiana during the fourth quarter of 1993. The acquisition of First Bancorp Indiana, Inc. (Lafayette) was completed on Nov. 29, 1993. This transaction was accounted for as a purchase with 40% cash and 60% Huntington common stock being issued as consideration. Approximately 1.3 million shares of Huntington common stock and $18.7 million in cash were distributed to First Bancorp shareholders. These shareholders were entitled to elect whether they would receive cash or stock as consideration, so long as the stock elections did not exceed 60% in the aggregate. As a result of this process, those shareholders who elected cash received $42.7084 for each share of First Bancorp they owned. Those shareholders who elected stock received 1.9772 shares of Huntington common stock for 97.56% of their First Bancorp shares, and the balance in cash at the above per share rate for their First Bancorp shares.
 The acquisition of Railroadmen's Federal Savings and Loan Association (Indianapolis) was completed on Dec. 27, 1993. This transaction was accounted for as a pooling-of-interests with approximately 3.7 million Huntington shares being issued as consideration. Shareholders of Railroadmen's will receive 1.8293 shares of Huntington common stock for each share of Railroadmen's they own currently.
 Both First Bancorp and Railroadmen's have been merged into The Huntington National Bank of Indiana. These additions increase Huntington's presence in Central Indiana to over $1.3 billion in assets with 23 banking offices in the Indianapolis area and four offices in nearby Lafayette. In addition, two former offices of Railroadmen's in the suburban Chicago area have been merged into a newly created subsidiary, The Huntington Federal Savings Bank of Illinois.
 Huntington Bancshares Incorporated is an $18 billion regional bank holding company headquartered in Columbus, Ohio. The company's banking subsidiaries operate 364 offices in Ohio, Florida, Illinois, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia. In addition, Huntington's mortgage, trust, investment banking, and automobile finance subsidiaries manage 78 offices in the eight states mentioned as well as Connecticut, Delaware, Maryland, Massachusetts, New Jersey, North Carolina, Rhode Island, and Virginia.
 -0- 12/29/93
 /CONTACT: Debra Dendahl Hadley, 614-480-4304, or Carolyn W. Jacob, 614-480-3878, both of Huntington Bancshares/
 (HBAN)


CO: Huntington Bancshares; First Bancorp Indiana; Railroadmen's Fed. ST: Ohio, Indiana IN: FIN SU: TNM

BM -- CL013 -- 7883 12/29/93 17:10 EST
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Publication:PR Newswire
Date:Dec 29, 1993
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