Deals
Huntington Bancshares to Merge With FirstMerit in $3.4 Billion Deal
- Ohio's third-largest bank would absorb smaller in-state rival
- Lender to have almost $100 billion in assets after acquisition
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Huntington Bancshares, Ohio’s third-largest lender, agreed to acquire smaller rival FirstMerit Corp. for $3.4 billion in cash and stock as it seeks to expand both in its home state and in the wider region.
Shareholders of FirstMerit, based in Akron, Ohio, will receive 1.72 shares of Huntington common stock and $5 in cash for each share that they own, the two lenders said Tuesday in a joint statement. The merged company is expected to have nearly $100 billion in assets, according to the statement.