FirstMerit Corp. in Akron said Wednesday that it has agreed to buy about $1.2 billion of deposits and 24 Chicago-area branches from First Bank of St. Louis.

FirstMerit, which had $10.8 billion of assets at Sept. 30, also is to acquire substantially all of the asset-based loans from an affiliate of First Bank under a separate loan purchase agreement. The deals are expected to close in the first quarter.

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