Ohio-based Huntington Bancshares, the parent of The Huntington National Bank has concluded the acquisition of local rival FirstMerit, parent of FirstMerit Bank.
FirstMerit Bank has been merged into The Huntington National Bank as part of the deal.
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The combined entity is now the largest bank in Ohio by deposits, managing about $100bn in assets, and has about 1,000 branches across Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania, West Virginia and Wisconsin.
The companies anticipate completing their systems integration by the first quarter of 2017.
Huntington chairman, president and CEO Stephen Steinour said: “As we welcome our new customers and colleagues, we look forward to working with them and sharing our brand promise as a bank focused on doing the right thing. We will continue to build on a legacy of strengthening our local communities through commitments extending over more than 150 years.”
The $3.4bn stock-cash deal was announced by the companies in January 2016.
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By GlobalDataIn March 2016, Huntington Bancshares announced plans to close 107 branches as part of the acquisition, which include 77 FirstMerit locations and 30 Huntington branches in the states of Ohio, Michigan, Illinois, Wisconsin and Pennsylvania.
Last month, Huntington agreed to sell 13 branches of FirstMerit Bank in Canton and Ashtabula to Pennsylvania-based First Commonwealth Bank in order to resolve antitrust concerns emerging from the acquisition.
