Ohio State announces $125M Huntington Bank deal

COLUMBUS, Ohio (AP) - By ANDREW WELSH-HUGGINS, Associated Press

Ohio State University has entered into a $125 million partnership that gives Huntington Bank exclusive rights to retail banking on campus in exchange for endowment funding and neighborhood investments.

The deal announced Thursday allows Columbus-based Huntington to open an additional four branches on campus and operate 26 ATMs in and around the university.

Ohio State will get $25 million for academic scholarships and educational programs, and the bank will provide another $100 million in loans and investments for economic development in the neighborhoods around the university.

Huntington also is providing 20 paid internships annually for Ohio State students over the life of the 15-year arrangement.

Students, faculty and staff aren't required to open Huntington accounts, and the bank has agreed not to market credit card services to students.