Big Midwest Banks Announce Merger

National City Corp. moved to strengthen its Midwest banking presence by agreeing Monday to acquire First of America Bank Corp. for stock valued at about $6.6 billion.

The deal will create the nation’s 13th-largest banking company in terms of assets, combining National City’s $53 billion with First of America’s $22 billion.

The combined bank will serve more than 8 million households in Michigan, Ohio, Indiana, Kentucky, Pennsylvania and Illinois.