COLUMBUS, Ohio - Huntington Bancshares has a deal to buy Empire Banc Corp. for $136.7 million of stock.Huntington is to exchange 2.0355 of its shares for each Empire Banc share. That is 40% more than Empire Banc's closing price Friday. Empire had about 3.16 million shares outstanding as of Sept. 30. Huntington plans to issue 6.5 million shares in connection with the deal.
Traverse City, Mich.-based Empire Banc has 10 offices in northern Michigan, half of which are in Grand Traverse County. Huntington would have more than 130 offices, 200 ATMs, and $4.6 billion of deposits in the state.