FirstMerit Bank, which is headquartered in Akron, has been acquired by Huntington Bank in a multi-billion dollar deal.
Layoffs are expected, as a result.
Huntington released a statement early Tuesday on the deal, which will make them the largest bank in Ohio based on deposits.
Below is the statement posted on Huntington Bank's site:
Huntington and FirstMerit have entered into a definitive agreement under which Huntington will acquire FirstMerit. The partnership brings together two companies with a history of more than 150 years of sustained service to the unique banking needs of local communities, families and businesses across the Midwest. Together, the strengths of Huntington and FirstMerit will create a more impactful regional bank better positioned for the benefit of our customers and communities long into the future.
Huntington is a $70 billion asset regional bank with a network of 750 branches and more than 1,500 ATMs across Ohio, Michigan, Pennsylvania, Indiana, West Virginia and Kentucky. FirstMerit is a $25.5 billion asset regional bank with a network of 366 branches and 400 ATMs in Ohio, Michigan, Wisconsin, Illinois and Pennsylvania. When the integration is complete in 2016, the combined organization will be a major economic force in Ohio, Michigan, and across the Midwest including attractive new geographies in metro Chicago and Wisconsin. Huntington will be the largest bank in Ohio, based on deposits, and number two in both Ohio and Michigan combined, providing us with the ability to support our markets in a unique and meaningful way.
Huntington and FirstMerit share an unwavering passion for helping customers achieve their financial goals, and both organizations have been acknowledged for their superior service and customer-friendly products by third party organizations, including J.D. Power & Associates, Money Magazine, and Greenwich Associates.
“We are pleased about this opportunity to come together with FirstMerit. We have a very complementary footprint and product offering. I believe the strength of this deal is that both organizations already intimately know the customers and communities we serve. This combination will create a regional bank with strong market share, an enhanced portfolio of industry leading products and services, scalable infrastructure, added customer convenience, and a shared track record of award winning customer service that will add value for all our collective customers, communities, colleagues and shareholders,” said Steve Steinour, Huntington chairman, president and CEO.
“Our values and culture align. Both companies share a brand promise and operating philosophy that puts customers first and rewards doing the right thing. I have every confidence that the integration with Huntington will be smooth and seamless for our customers. We see joining forces with Huntington as an opportunity to offer even stronger services for our customers and communities,” said Paul Greig, FirstMerit chairman, president and CEO.
Together We Can More Deeply Invest In Our Local Neighborhoods and Businesses
Both Huntington and FirstMerit have a long history and shared sense of responsibility to create stronger, more vibrant communities by deeply committing to the success of those towns and cities that they, and their customers, call home. Together, Huntington and FirstMerit will continue to invest in markets across their combined eight states, including operational hubs in Akron and Flint. Moreover, FirstMerit branch employees with satisfactory performance will be offered job opportunities within Huntington and all FirstMerit employees will have priority access to job opportunities at Huntington throughout all of FirstMerit and Huntington's combined footprint.
Huntington and FirstMerit share a strong commitment of creating innovative partnerships with civic, government, non-profit and neighborhood groups to ensure our local communities thrive. By listening closely to our local partners, and understanding and appreciating the importance of tailoring investments to meet the unique local needs of a community, we invest in industry leading commitments through philanthropic grants, community development dollars, programs for small businesses and a passionate team of caring Huntington and FirstMerit volunteers. As part of our ongoing commitment to the shared communities we serve, we will be funding the Huntington Foundation with $5 million to serve our shared markets and creating a new Huntington Foundation, located in Akron, that will invest $20 million over the next ten years.
Our organizations believe that together we can continue to create a brighter future for our markets and to invest in the people and businesses who live, work, learn and play in each of those areas with enhanced capacity and opportunity to make a significant difference for all our shared constituents.
Together, we will be stronger.
