Ohio State, Huntington National seal $125 million deal

In a partnership resulting in a $125 million commitment to developing Columbus' University District and OSU Medical Center, Ohio State University and Huntington National Bank recently announced a marketing and development deal.

Columbus Business First reports that the 15-year deal establishes Huntington as be the school's official bank. The money for the community rebuilding project comes under the agreement that the bank can open branches and ATMs on the Ohio State campus, and will also be allowed to promote its brand and products to faculty and students.

The marketing deal will be divided into an immediate $25 million payout from Huntington for being able to expand its presence and get access to the student mailing list, according to The Columbus Dispatch. This will be followed by a $25 million investment and $75 million in loans.

The partnership is limited to consumer banking, the news outlet adds. This means the university itself still has free rein in its own banking services.

"We are going to take care of students by providing convenient, valuable financial services and benefits," David Schamer, Huntington’s director of not-for-profit banking, told the newspaper. "This is not about profiting off their backs."