Federal bank regulators approved National City Corp.'s takeover of Merchants National Corp. of Indianapolis, National City announced.
National City, a $24-billion Cleveland-based bank holding company with operations in Indiana, Kentucky and Ohio, said the Federal Reserve approved National City's application on Monday.
Shareholders of Merchants National will meet April 21 and National City shareholders meet April 27 to vote on the $641-million deal.
National City said it expects to complete the takeover by May 1.
The merged bank will have assets of $29.6 billion, making it among the 25 largest banks in the country. The expanded National City Corp. will have 588 branches in Ohio, Kentucky and Indiana.
About 600 of the 3,500 Merchants National employees will lose their jobs, National City said. Most of the cuts will come from administrative and support offices.