The Federal Reserve Board has given the go-ahead to Huntington Bancshares's acquisition of FirstMerit Bank.
As part of the deal, Akron-based FirstMerit will merge with a subsidiary of Columbus-based Huntington Bancshares, while FirstMerit subsidiary FirstMerit Bank will merge with and into The Huntington National Bank.
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The stock-cash deal, valued at $3.4bn, was announced by the companies in January 2016.
The merger was approved by shareholders from both companies in June 2016, and is anticipated to be completed in the third quarter of 2016.
As part of the acquisition, Huntington has planned to close 107 branches.
In addition, Huntington has agreed to sell 13 branches of FirstMerit Bank in Canton and Ashtabula to Pennsylvania-based First Commonwealth Bank to resolve antitrust concerns emerging from the acquisition.
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