Pennsylvania-based First Commonwealth Bank, a subsidiary of First Commonwealth Financial, has secured final regulatory approval to acquire 13 Ohio branches from FirstMerit Bank.
Of the branches to be acquired, 11 are located in Canton and have $676m of deposits. The other two branches are located in Ashtabula, including $59m in deposits.
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The sale of the branches received the approval from the United States Department of Justice after an anti-trust review.
First Commonwealth announced the deal in July 2016. The bank said at that time that the deal will expand its Ohio footprint by adding nearly 34,000 retail and small business households.
The branches are being offloaded to resolve antitrust concerns emerging from the acquisition of FirstMerit by Huntington Bancshares. The $3.4bn stock-cash deal was announced in January 2016.
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By GlobalData
