CLEVELAND, OH (WOIO) –
Columbus-based Huntington Bancshares said Tuesday that it will merge with Akron-based FirstMerit Corporation in a $3.4 billion deal. Under the terms of the agreement, FirstMerit Bank will merge with and into The Huntington National Bank.
The merger will result in meaningful branch consolidation, according to Huntington CEO Steven Steinour and Senior VP and Chief Financial Officer Howell McCullough.
McCullough mentioned in a conference call on Tuesday that 39 percent of the merged banks branches are within a mile of each other. Consolidation decisions at this point have not been made but there will be closures of both Huntington and FirstMerit branches as it’s determined what facility best serves the neighborhood in which the branches are located.
Layoffs are expected at FirstMerit, Steinour told the Akron Beacon Journal. He is expected to be at the FirstMerit headquarters in Akron today and meet in the afternoon with Akron Mayor Dan Horrigan.
There was no immediate word on what will happen to the FirstMerit name on the Cleveland Convention Center downtown.
READ MORE: Cleveland19.com
Article Courtesy of WOIO Cleveland 19 News
Picture Courtesy of FirstMerit Bank and WOIO Cleveland 19 News