Displaying items by tag: FirstMerit Bank

The FirstMerit Bank and Huntington Bank merger is wrapped up and ready to go for Tuesday morning. 

The banks closed Saturday and remained closed for the President's Day holiday Monday to finalize the computer switch-over and replace signage at FirstMerit branches that will remain open as Huntington branches. 

According to the bank, customers will have full access to their account via ATMs, online, and in person, beginning Tuesday. New account and routing numbers will also be available Tuesday morning online and via the mobile Huntington banking app. If customers have received their new Huntington ATM cards, they can begin using them starting Monday. Once the new cards are activated, the old FirstMerit cards will stop working, according to the bank. 

The following is a list of the branches that will be closing and those that will remain open: 

CLOSING

•  Huntington, 3630 Center Road, Brunswick
•  Huntington, Medina West, 1065 N. Court St., Suite C, Medina
•  FirstMerit, 102 Main St., Wadsworth

STAYING OPEN

•  Huntington, Brunswick Town Center Giant Eagle, 3440 Center Road
•  Huntington, Wadsworth, 129 High St.
•  Huntington, Wadsworth Giant Eagle, 825 Ambassador Drive
•  FirstMerit, Brunswick Center, 1344 Pearl Road
•  FirstMerit, Hinckley Township, 1296 Ridge Road
•  FirstMerit, Lodi, 209 Wooster St.
•  FirstMerit, Medina, 39 Public Square
•  FirstMerit, Medina Extension, 125 W. Washington St.
•  FirstMerit, Medina, 975 N. Court St.
•  FirstMerit, Medina,1105 S. Court St.
•  FirstMerit, Montville Township, 3460 Medina Road
•  FirstMerit, Seville, 8 E. Main St.
•  FirstMerit, Great Oaks, 950 High St.,Wadsworth
•  FirstMerit, Wadsworth Crossing, 1081 Williams Reserve Blvd., Wadsworth

After being around the area since 1845, FirstMerit Bank is no more. Huntington Bancshares announced it would acquire FirstMerit, with branches officially being converted to Huntington by early 2017. So what does this all mean?

Stephen Steinour, president and CEO of Huntington, spoke with Ray Horner before his appearance at the Akron Roundtable. Steinour assured the listeners and customers that while both Huntington and FirstMerit were “doing well,” he believes the merger will make the company even stronger. He says both banks had very similar history and cultures, and the plans are to continue that tradition.

The Huntington CEO insists the company will “make a profound and lasting difference” in Akron, as they will invest $2 million a year for the next decade into the community.

The merger of Huntington Bank with Akron-based FirstMerit won't include 11 branches in Stark County.

The U.S. Department of Justice says those FirstMerit branches - along with two more in Ashtabula County - will be sold off as part of the pending approval of Huntington's $3.4 billion purchase of FirstMerit.

Huntington says it'll announce a buyer for those 13 branches after all the federal approvals of that sale are done.

The list of affected branches is linked below.

The overall deal is expected to be completed by the end of September.

-----

(U.S. Department of Justice, news release) The Department of Justice announced today that Huntington Bancshares Incorporated and FirstMerit Corporation have agreed to sell 13 branches in Northeast Ohio, with approximately $737.8 million in deposits, to resolve antitrust concerns that arose from Huntington's planned acquisition of FirstMerit. As a result of the acquisition, Huntington will become the largest bank in Ohio based on deposits.

Under their agreement with the department, the companies have agreed to divest two branches in Ashtabula County and 11 branches in Stark County, Ohio. The divested assets will include the deposits and loans associated with the divested branches. The companies have also agreed to suspend existing, and not to enter into new, non-compete agreements with their branch managers and loan officers located in Ashtabula County and Stark County, Ohio, for a period of 180 days following the consummation of their merger. Further, the companies have agreed to sell or lease branches closed within two years of the consummation of the merger in Ashtabula County or Stark County, Ohio, to FDIC-insured depository institutions offering deposit and credit services to small businesses.

"Families and small businesses rely on banks in their communities to keep their money safe and provide them credit for important purchases and investments," said Principal Deputy Assistant Attorney General Renata Hesse of the Justice Department's Antitrust Division. "Today's settlement protects banking customers in Ashtabula County and the Greater Canton area by ensuring that they continue to have access to competitively priced banking products."

The proposed merger is subject to the final approval of the Board of Governors of the Federal Reserve System. The department said that it will advise the Federal Reserve Board that it will not challenge the merger provided that: the parties divest the branch offices, associated loans and deposits and the entire customer relationships associated with the divestiture branches; the parties commit to the Federal Reserve Board that they will comply with the agreement with the department; and the parties' commitments to the department are included as a condition to any order the Federal Reserve Board enters allowing the transaction.

Huntington is the holding company of The Huntington National Bank, Columbus, Ohio, with approximately $73 billion in assets. Huntington operates more than 750 branches and 1,500 ATMs in Ohio, Indiana, Kentucky, Michigan, Pennsylvania and West Virginia. Huntington specializes in full-service commercial, small business, and consumer banking services, as well as services ranging from mortgage banking to equipment leasing.

FirstMerit is the holding company of FirstMerit Bank, N.A., Akron, Ohio, with approximately $26.1 billion in assets. With about 370 branches and 400 ATMs in Ohio, Illinois, Michigan, Pennsylvania and Wisconsin, FirstMerit provides a large range of banking and other financial services to consumers and businesses.

20 FirstMerit and Huntington Bank branches in the Akron/Canton area will close as a part of Huntington buying the Akron-based FirstMerit.

According to the Beacon Journal, six FirstMerit branches will close, in Stow, Wadsworth, Streetsboro, Hartville and Rittman.

The notice lists 14 existing Huntington branches that will close in the area, including in Akron, Canton, Cuyahoga Falls, Green, Kent, North Canton, Medina, Hudson, Canal Fulton, Macedonia, Brunswick, and Wooster.

The banks have a number of branches that are near each other.

The newspaper reports that combined Huntington-FirstMerit operation will close 107 branches in the combined network, and will have "about 1,000 branches" remaining overall.

---

On the Web: Akron Beacon Journal, www.ohio.com

 

 

We're learning more about Huntington Bancshares acquisition of Akron-based FirstMerit.

In a Tuesday morning media conference call, the top executives at FirstMerit and Huntington gave a little more insight as to what happens next in the $3.4 billion deal that's expected to receive the final approval later this year.

FirstMerit CEO Paul Greig says the driving force for the move was in the best interest of shareholders.

"That was the driving motivation to enter into this partnership, but I want to stress that there is nothing Akron could've done to change the course of this action or Summit County," said Greig.

Officials said branch employees will be offered a job, but details as to how many branches may close or what will happen to those working at FirstMerit's headquarters in Akron has yet to be released.

"Our objective is to do it right," said Huntington Bank CEO Steve Steinour. "There are notices that will be provided to customers, either 60 or 90 days, before any branch consolidations occur."

There area about 1,200 FirstMerit employees, including those at the bank's headquarters in Akron. Huntington's headquarters are based in Columbus.