Ohio-based lenders Huntington Bancshares and FirstMerit have agreed to divest 13 branches in Northeast Ohio with about $737.8m in deposits to resolve antitrust concerns emerging from Huntington’s planned acquisition of FirstMerit.
The banks have agreed to sell two branches in Ashtabula County and 11 branches in Stark County under the agreement.
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They have also agreed to suspend existing, and not sign new, non-compete agreements with their branch managers and loan officers in these two counties for 180 days after the conclusion of their merger.
At the same time, the banks have also agreed to sell or lease branches in these counties that have been shut down within two years of the merger completion to FDIC-insured depository institutions.
The $3.4bn stock-cash deal was announced by the companies in January 2016, and is now subject to subject to the final approval of the Board of Governors of the Federal Reserve System.
Huntington, the parent of The Huntington National Bank, has 750 branches and 1,500 ATMs in Ohio, Indiana, Kentucky, Michigan, Pennsylvania and West Virginia. The bank manages about $73 billion in assets.
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By GlobalDataFirstMerit, the parent of FirstMerit Bank, has about 370 branches and 400 ATMs in Ohio, Illinois, Michigan, Pennsylvania and Wisconsin. The bank manages about $26.1bn in assets.
