Huntington Bancshares said Monday it had agreed to buy First Michigan Bank Corp. and its network of 90 offices for $908 million in stock.

Analysts deemed the deal expensive, as Columbus, Ohio-based Huntington would pay three times book value and 18 times estimated 1997 earnings. (The premium over First Michigan's market price was much lower, perhaps indicating a new turn in bank valuations. See back page.)

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