Akron-based FirstMerit Bank bought by Huntington

Posted at 11:22 PM, Jan 25, 2016
and last updated 2016-01-26 06:06:11-05

Huntington Bancshares Incorporated will purchase Ohio-based FirstMerit Corporation in a $3.4 billion deal, the companies announced Monday.

Under the agreement, FirstMerit Bank, which employs about 1,200 people in Akron, will merge into The Huntington National Bank. 

Our media partners at the Akron Beacon Journal spoke to Huntington Bank CEO Steve Steinour who said the company will still have a significant presence in Summit County.

“We’re making certain commitments to Akron. These are really important,” said Steinour. “Akron is going to wake up and wonder about things. We aspire to be a good corporate citizen in Akron.”

However, Steinour also said that, since some of the positions within the company will now be redundant, there will be some layoffs within FirstMerit. The exact number is unclear right now.

READ MORE from the Akron Beacon Journal here.

The deal is expected to be completed in the third quarter of this year.