The combined bank would operate under the Chemical name and have assets of $135.5 billion.
The combined bank will be the nation's leading lender to large corporations.
The combined bank would cut 7,000 jobs over the next three years.
The combined bank intends to cut its fixed costs to make itself more competitive.
The combined bank will have $25 billion in assets, the company said.
On Friday, the two companies laid out their long-term targets for the combined bank.
The combined bank hold company would control total assets of $524 billion.
The combined bank will have a presence in 15 states and Washington.
If the acquisition of Irving goes through, the combined bank will become the 11th-biggest.
A merger would have placed the combined bank among the top 80.
