The shareholders of both FirstMerit Corp. and Huntington Bancshares have approved the proposed merger of the two banks.
In separate special meetings today, held in Akron and Columbus, shareholders approved the merger, the banks said in a joint statement.
Columbus-based Huntington is acquiring FirstMerit in a $3.4 billion stock and cash deal that is expected to be completed in the third quarter of this year. The proposed merger still needs approval from federal regulators.
“Today marks an important milestone as we continue to proceed smoothly with the merger process of combining Huntington and FirstMerit,” said Stephen D. Steinour, chairman, president and CEO of Huntington, in the news release. “I am delighted that Huntington shareholders reacted positively to the opportunity that this partnership creates for the future combined company, and am looking forward to FirstMerit shareholders becoming Huntington shareholders when the merger is complete.”
“We are pleased that our shareholders overwhelmingly support the merger with Huntington and what it means for the markets we serve,” said Paul G. Greig, chairman, president and CEO of FirstMerit. “I look forward to working with Huntington as our two companies combine the best of both organizations to create a stronger, market-leading regional bank for our customers and employees.”
In other news, both banks and their directors last week reached an agreement to settle a class-action suit by shareholders looking to block the proposed merger. Terms of the agreement were not available and there are still other pending class-action suits. A University of Akron law professor has said that lawsuits seeking to block mergers are commonplace.
Betty Lin-Fisher can be reached at 330-996-3724 or blinfisher@thebeaconjournal.com. Follow her @blinfisherABJ on Twitter or www.facebook.com/BettyLinFisherABJ and see all her stories at www.ohio.com/betty.
