Huntington to buy FirstMerit creating largest bank in Ohio

NEW YORK (AP) — Huntington Bancshares says it will pay about $3.4 billion to buy rival FirstMerit, creating the largest bank in Ohio.

Columbus, Ohio-based Huntington Bancshares Inc. has more than 750 bank branches across the Midwest. FirstMerit Corp., headquartered in Akron, Ohio, has nearly 370 branches in Illinois, Michigan, Ohio, Pennsylvania and Wisconsin.

The combined company will have nearly $100 billion in assets and operate in eight states.

FirstMerit shareholders will receive 1.72 shares of Huntington stock and $5 in cash for each FirstMerit share they own. Based on Huntington’s closing price on Monday, FirstMerit shareholders would receive $20.14 for each share they own.

The deal is expected to close in the third quarter.