Huntington Bancshares signed an agreement to purchase Chicago-based public finance bank Hutchinson, Shockey, Erley & Co (HSE).
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 is one of the nation’s largest securities firms focused exclusively on municipal securities. The company 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. It also maintains a robust trading and institutional sales platform.
“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,” said Scott Kleinman, executive managing director, Huntington Capital Markets.
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 11 offices across nine states, which house its 51 employees. HSE will operate as a standalone broker dealer working under Huntington Capital MarketsSM.
Huntington Bancshares is a regional bank holding company headquartered in Columbus, OH with $105 billion in assets and a network of 968 branches across eight Midwestern states.
