There's another bank acquisition in the works. Huntington Bancshares is in the process of acquiring FirstMerit Corporation, Market Wire reports. The deal is valued at $3.4 billion, and consists of both cash and stocks.
"We are very pleased to come together with FirstMerit to create a regional bank with added customer convenience, an enhanced portfolio of products for consumers and businesses, as well as strong market share. Our combined track records of service excellence and efficient financial management will add value for our collective shareholders, customers, communities, and colleagues," said Huntington chairman and CEO Steve Steinour.
The deal is expected to close by the third quarter of 2016, according to Reuters.
It's a deal that will see expansion and financial growth for the company, Huntington Bancshares reporting that they will have almost $100 billion in assets, as well as have a foothold across eight Midwestern states once the deal is finalized.
"Joining forces with Huntington will give us an opportunity to combine both companies' commercial, small business, wealth, and consumer expertise while giving all of our customers greater access to services," FirstMerist CEO Paul Greig.
After the deal was announced, both companies saw their stocks rise. FirstMerit shares rose 10 percent, and Huntington's shares rose 3 percent, according to Market Watch.
