Huntington Bancshares announces plan to acquire Unizan Financial

COLUMBUS (AP) -- Huntington Bancshares Inc., a $30 billion regional bank holding company, said Tuesday it is acquiring Unizan Financial Corp. in a stock deal the two companies value at $587 million.
Shareholders of Unizan, a $2.7 billion financial services company based in Canton, can expect to receive $26.39 per Unizan share, a 15-percent premium over the closing price Monday of $22.95.
The merger was unanimously approved by both boards and is expected to close late in the second quarter of 2004, pending regulators' and shareholders' approvals.
"This merger is a great addition to Huntington's Ohio franchise," said Thomas E. Hoaglin, chairman, president and chief executive.
He said Unizan provides Huntington access to three areas in Ohio centered in or near Canton, Zanesville and Newark, and further solidifies its presence in the Dayton-Springfield and Columbus areas.
Roger Mann, who is president and chief executive of Unizan, will become the Huntington president of a newly created region that includes Summit, Stark, Tuscarawas and Muskingum counties.
Upon completion of the merger, Huntington will have 381 offices and 751 ATMs.