FirstMerit Corporation

From Wikipedia, the free encyclopedia
  (Redirected from FirstMerit)
Jump to: navigation, search
FirstMerit Corporation
Type Public company
Traded as NASDAQFMER
Industry Banking
Financial Services
Investment
Founded 1845[1]
Headquarters 106 South Main Street, Akron, Ohio, United States
Number of locations 381[1]
Area served Ohio
Western Pennsylvania
Chicago
Michigan
Wisconsin
Key people Paul G. Greig
(Chairman & CEO)
Products Retail Banking
Commercial bank
Private Banking
Mortgage loan
Credit Card
Total assets United States $24.6 billion (2014)
Employees 4, 619 (FTE)
Website FirstMerit.com

FirstMerit Corporation is a diversified financial services company headquartered in Akron, Ohio, with assets of approximately $24.6 billion as of September 30, 2014, and 381 banking offices and 411 ATM locations in Ohio, Michigan, Wisconsin, Illinois and Pennsylvania. FirstMerit provides a complete range of banking and other financial services to consumers and businesses through its core operations. Principal affiliates include: FirstMerit Bank, N.A., FirstMerit Mortgage Corporation and FirstMerit Title Agency, Ltd.

History[edit]

FirstMerit predecessors go back as far as 1845. In 1981, First National Bank of Ohio and Old Phoenix National Bank of Medina merged into First Bancorporation of Ohio (First Ohio). The next year, First Ohio purchased Twinsburg Banking Company. In 1985, Exchange Bank in Canal Fulton in Ohio's Stark County was acquired by First Ohio. The Bank continued expansion in Ohio buying bank branches in many Ohio counties for the following nine years.[1]

Following the 1995 purchase of CIVISTA Corporation in Canton, Ohio, parent of Citizens Savings, the holding company name changed from First Bancorporation to FirstMerit Corporation. FirstMerit added to its portfolio in 1997 Abell & Associates, a life insurance and financial consulting firm. Expansion of the corporation continued in Ohio and Lawrence County in Pennsylvania with the purchase of 32 more branches.[1]

FirstMerit made two deals in 2009 with St. Louis-based First Bank and its affiliate for 24 Chicago-area branches with $1.2 billion in deposits and for the affiliates' asset-based loans. In 2010, the acquired First Banks are either closed or converted into FirstMerit branches. Expansion into Chicago continued that year with the acquisition of George Washington Savings Bank and Midwest Bank and Trust, both failed banks.[1]

On September 13, 2012, it was announced that FirstMerit would acquire Citizens Republic Bancorp in a stock-for-stock transaction valued at approximately $912 million. The acquisition is expected to close in the second quarter of 2013.[2] With the stock payment worth less than the stock's tangible book value, several law firms started looking into a possible case of breached fiduciary duties by Citizens Republic Board of Directors.[3]

Sandy Pierce was appointed in January 2013 as FirstMerit's vice chair and chairman and CEO of FirstMerit Michigan. In early April, both Bank Corporations' shareholders approved the merger.[4] On April 12, 2013, FirstMerit Corporation closed the acquisition of company which will operate as of April 13 as "Citizens Bank, now part of FirstMerit Bank."[5] The banks owned by Citizens Republic Bancorp were officially renamed FirstMerit Bank on June 13, 2013.[6] On November 2013, the landmark Citizens Bank weather ball on top of the former Citizens Republic Bancorp headquarters in Flint, Michigan was refaced with the letters C B replaced with F M.[7]

Headquarters[edit]

See FirstMerit Tower for more information.
The FirstMerit Tower from the ground in Akron, Ohio

FirstMerit founded in 1845, is currently headquartered in Akron, Ohio at the FirstMerit Tower. The building, built in 1931, is the tallest in Akron with 27 floors.[citation needed]

Subsidiaries[edit]

  • FirstMerit Bank, N.A.
  • FirstMerit Mortgage Corporation
  • FirstMerit Title Agency, Ltd.
  • FirstMerit Community Development Corporation[8]

References[edit]

External links[edit]