First Chicago Corp. and Detroit's NBD Bancorp said Wednesday that they would merge as equals, in the latest of a wave of consolidation deals reshaping the banking industry.

The transaction, valued by SNL Securities at $5.1 billion, would create a company with a pro forma market capitalization of $10.7 billion, divided almost equally between shareholders of the two companies.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.