News
News Home
Quick Bites
Exploradio
News Archive
News Channel
Special Features
NPR
nowplaying
On AirNewsClassical
Loading...
  
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Akron General

Wayside Furniture

Metro RTA


For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )


Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
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

Other options:
Windows Media / MP3 Download (0:49)


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
Add Your Comment
Name:

Location:

E-mail: (not published, only used to contact you about your comment)


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook




Stories with Recent Comments

Massive pipeline planned to pump Ohio shale products to Texas
This needs stopped. Ohioans pay the price, putting up with pollution, leaks, explosions, and the top one percent profit from exporting fracked product to China.

National Weather Service confirms three tornado touchdowns yesterday
I was driving back from a party and was caught in the middle of a large thunderstorm. The hail and lightning were a whole light closer than usual, is something ...

Another Indians season opens with Chief Wahoo under scrutiny
The picture you have for Robert rocha is not him. He has long hair. No idea who that guy is in that picture

Portman predicts McDonald's confirmation, but says it won't be easy
I sent the following note to Senator Blumenthal after reading commentary from yesterday's hearing: Senator, You certainly have the right to ask Mr. McDonald que...

Seven minutes changed everything, but what changed Ashford Thompson?
He shot the guy four times in the head. I have never been that drunk or mad, and I have been through it. Shoot a guy once is bad, maybe a mistake, shoot a guy f...

First cricket farm in the U.S. opens in Youngstown
I am interested in cricket flour to replace soy flour in a low carbohydrate diet. As soon as you have cricket flour available for the average person, please le...

New process starts digesting sludge in Wooster
Awesome! When do our sewage rates decrease accordingly?

Akron's Chapel Hill Mall in foreclosure
Not a surprise. Between the shoplifting, gangs and violence that goes on up there it is no wonder that no one feels safe to shop at Chapel Hill. They have sca...

Ohio launches investigation into at least one Concept charter school
I worked at Noble Academy Cleveland as admin assistant and enrolment coordinator for 6 years, I know this is so valid and true and can provide staff names and p...

Copyright © 2014 WKSU Public Radio, All Rights Reserved.

 
In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University