Huntington Bancshares agreed to acquire a $226 million-asset Kentucky thrift in a transaction worth $33 million, or 1.5 times book value.

Huntington, a $16.5 billion-asset banking company based in Columbus, Ohio, said it would buy Firstfed Northern Kentucky Bancorp, a thrift holding company based in Covington.

The acquisition's value is based on an exchange of $43.16 of Huntington stock for each Firstfed share. But Huntington will repurchase in the open market about 70% of the shares needed prior to closing, so the deal will be booked as a purchase.

The deal is scheduled to close in the third quarter. Frank Wobst, Huntington's chairman and chief executive, said the deal will have a neutral effect on 1994 earnings "and will contribute to net income in 1995."

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