FirstMerit Corp. and Huntington Bancshares Inc. announced Monday that each company’s shareholders have approved the proposed merger of FirstMerit into Huntington during special meetings held today in Akron by FirstMerit and in Columbus by Huntington.
FirstMerit is the sixth largest bank in Crawford County with an office located in Bucyrus, Crestline and Galion.
“Today marks an important milestone as we continue to proceed smoothly with the merger process of combining Huntington and FirstMerit,” said Stephen D. Steinour, chairman, president and CEO of Huntington. “I am delighted that Huntington shareholders reacted positively to the opportunity that this partnership creates for the future combined company, and am looking forward to FirstMerit shareholders becoming Huntington shareholders when the merger is complete.”
“We are pleased that our shareholders overwhelmingly support the merger with Huntington and what it means for the markets we serve,” said Paul G. Greig, chairman, president and CEO of FirstMerit. “I look forward to working with Huntington as our two companies combine the best of both organizations to create a stronger, market-leading regional bank for our customers and employees.”
Huntington and FirstMerit currently anticipate completing the merger within the third quarter following receipt of regulatory approval and satisfaction of customary closing conditions.
FirstMerit announced its plans to merge with Huntington earlier this year.
The total transaction is valued at about $3.4 billion including outstanding options and other equity-linked securities.
The two companies have served their respective communities for 150 years or more across the Midwest. FirstMerit had 366 banking offices in Ohio, Michigan, Wisconsin, Illinois and Pennsylvania. Huntington has 750 branches across six Midwestern states.
The new company is expected to have nearly $100 billion in assets and will operate across an eight-state Midwestern footprint. The combination will create the largest bank in Ohio, based on deposit market share. Huntington will also expand its operations into the attractive new markets of Chicago and Wisconsin.