Huntington Bancshares in Columbus, Ohio, will sell 13 branches in order to buy FirstMerit in Akron, Ohio.
The companies agreed to divest the branches, along with nearly $738 million in deposits, to secure Justice Department approval. The $73 billion-asset Huntington will sell branches in several northwestern Ohio markets, including six locations in Canton and three in Massillon, the Justice Department said in a press release. An undisclosed number of loans will also be sold.
The agreement did not identify buyers. Huntington will have up to two years after closing the FirstMerit acquisition to sell or lease the branches.
"Families and small businesses rely on banks in their communities to keep their money safe and provide them credit for important purchases and investments," Renata Hesse, principal deputy assistant attorney general of the Justice Department's antitrust division, said in the release. "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 merger is still subject to approval from the Federal Reserve Board.
Huntington agreed to buy the $26 billion-asset FirstMerit in January for $3.4 billion.