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Economy and Business


Akron-based FirstMerit merger creates the sixth-largest Midwestern bank
The $912 million purchase of Michigan's Citizens Republic Bancorp will nearly double FirstMerit's of branches to 415
by WKSU's KABIR BHATIA


Reporter
Kabir Bhatia
 
In The Region:
Akron-based FirstMerit is poised to become one of the biggest banks in the Midwest this week, with the takeover of a 142-year-old Michigan banking company. WKSU's Kabir Bhatia reports.
FirstMerit merger creates sixth-largest Midwestern bank

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Citizens Republic Bancorp of Flint, Mich., will become part of FirstMerit on Friday in a $912 million stock-for-stock sale. The Plain Dealer reports the move was approved by shareholders of both companies last week, and it makes FirstMerit the sixth-largest bank in the Midwest with about 5,000 employees.

FirstMerit President Paul Greig calls it the biggest acquisition in company history. It will nearly double the number of branches to 415.

Neither company has commented on the future of 600 people working at Citizens’ headquarters. Economists say the move is about expanding FirstMerit into Michigan, not consolidating. 

Citizens’ was founded in 1871 during Flint’s lumber boom, and the bank is credited with making the loan to William Durant that jump-started his car-building career. Durant later founded General Motors.
Listener Comments:

Now we all know why they dumped over 200 jobs (employees that worked very hard and were loyal to them for so many years)last year, yep its all about money, in the board of directors pockets and paul kreigs of course


Posted by: Anonymous on April 21, 2013 7:04AM
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