Deals
Huntington Tumbles After $3.4 Billion Deal to Acquire FirstMerit
- Ohio's third-largest bank would absorb smaller in-state rival
- Lender to suspend share buybacks, sees drop in tangible book
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Huntington Bancshares, Ohio’s third-largest lender, fell the most since 2011 after agreeing to acquire smaller rival FirstMerit Corp. for $3.4 billion in cash and stock and saying it will take more than five years to rebuild capital spent on the deal.
Huntington tumbled 10 percent to $7.91 at 10:17 a.m. in New York and 28 percent this year, the worst performance in the 24-company KBW Bank Index. FirstMerit climbed 16 percent.