Huntington Bancshares in Columbus, Ohio, has sold its retirement planning service business.
The $182.9 billion-asset company disclosed in a regulatory filing that it sold the business to OneDigial Investment Advisors, a registered investment adviser, on March 31. The business handles about 1,200 plans and $5.6 billion in retirement plan assets under management.
Huntington said it will record a pretax gain of about $57 million, including associated goodwill allocation. Huntington and OneDigital entered into a referral agreement where Huntington will be reimbursed for client referrals.
Separately, the company said it will incur about $42 million of one-time expenses in the first quarter tied to an early retirement program and the previously disclosed realignment of its business segments.