Huntington Bancshares has signed an agreement to purchase Chicago-headquartered Hutchinson, Shockey, Erley & Co (HSE).
Image: Huntington Bancshares to acquire Chicago-headquartered Hutchinson, Shockey, Erley & Co. Photo: courtesy of rawpixel / Unsplash.
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.
Huntington Capital Markets executive managing director Scott Kleinman said: “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.”
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 Markets.
Hutchinson, Shockey, Erley and Co CEO Tom Dannenberg said: “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.”
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.
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.
Source: Company Press Release