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Starting Amount
$
After
years
Dividend yield
%
Dividends reinvested
$
FirstMerit Corporation
Former type
Public company
Traded as NASDAQ: FMER
Industry Banking
Financial Services
Investment
Founded 1845
Defunct 2017
Headquarters 106 King James Way, Akron, Ohio, United States
Number of locations
366
Area served
Ohio
Western Pennsylvania
Northern Illinois
Michigan
Wisconsin
Key people
Paul G. Greig
(Chairman & CEO)
Products Retail Banking
Commercial bank
Private Banking
Mortgage loan
Credit Card
Revenue Increase US$ 1.1 billion (FY 2014)
Net income
Increase US$ 237 million (FY 2014)
Total assets Increase US$ 24.9 billion (FY 2014)
Total equity Increase US$ 2.8 billion (FY 2014)
Number of employees
4,619 (FTE)
Website FirstMerit.com

FirstMerit Corporation was a diversified financial services company headquartered in Akron, Ohio, with assets of approximately $26.2 billion as of June 30, 2016, and 359 banking offices and 400 ATM locations in Ohio, Michigan, Wisconsin, Illinois and Pennsylvania. FirstMerit provided a range of banking and other financial services to consumers and businesses. Principal affiliates included: FirstMerit Bank, N.A., and FirstMerit Mortgage Corporation. It was acquired by Huntington Bancshares in August 2016.

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 Stark County, Ohio was acquired by First Ohio. The Bank continued expansion in Ohio buying bank branches in many Ohio counties for the following nine years.

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, Pennsylvania with the purchase of 32 more branches.

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.

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. 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.

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. 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." The banks owned by Citizens Republic Bancorp were officially renamed FirstMerit Bank on June 13, 2013. 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.

On January 26, 2016, Huntington Bank announced it would purchase FirstMerit, subject to regulatory approval, in a deal that would make Huntington the largest bank in Ohio. Huntington completed the acquisition of FirstMerit on August 16. Due to anti-trust concerns by the Justice Department, 11 branches in Canton and two in Ashtabula are being sold to First Commonwealth Bank. Additionally 107 branches located within 2.5 miles of other Huntington / FirstMerit branches will be closed. All remaining FirstMerit branches and accounts are expected to be converted to Huntington in early 2017.

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.

Investment goal date:
Dividends reinvested
FirstMerit Corporation FMER report Q2 2016
Period
Date
Adjusted Actuals EPS
GAAP EPS
Q4 2016
2017-01-27
--
--
Q3 2016
2016-10-25
--
--
Q2 2016
2016-07-26
0.3400
0.3400
Q1 2016
2016-04-26
0.3100
0.3100
Q4 2015
2016-01-26
0.3300
0.3300
Q3 2015
2015-10-27
0.3400
0.3400
Q2 2015
2015-07-28
0.3300
0.3300
Q1 2015
2015-04-28
0.3300
0.3300
Q4 2014
2015-01-27
0.3600
0.3600
Q3 2014
2014-10-28
0.3700
0.3700
There is presents forecasts or rating agencies and recommendation for investors about this ticker
Funds
Fund Name
Ticker shares
CITY NATIONAL BANK
532044
FIRSTMERIT BANK N A TRUSTEE
638496
Li Winifred I
2280
MANAGED ACCOUNT ADVISORS LLC
290880
NEW ENGLAND SECURITIES CORP /MA/
69
RHJ International SA
54422
RUSSELL FRANK CO/
3496
VTL Associates, LLC
9533
Major Shareholders
Name Relationship
Total Shares
Holding stocks
ISROFF CLIFFORD J
0.0200% (36924)
FMER /
Steiner Judith A
0.0200% (40329)
BANR / FMER /
% ()