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.

Levin Furniture

Wayside Furniture


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


Profits keep rolling at Akron-based FirstMerit
Blending of its largest acquisition will continue through the year
by WKSU's M.L. SCHULTZE
and AMY COOKNICK


Web Editor
M.L. Schultze
 
Akron has promised FirstMerit upgrades on the downtown plaza.
Download (WKSU Only)
In The Region:

Akron-based FirstMerit weathered the recession well and is weathering the post-recession even better. WKSU’s M.L. Schultze has more Tuesday’s report of 56 straight quarters of profits.

SCHULTZE: On FirstMerit's first quarter

Other options:
Windows Media / MP3 Download (1:21)


FirstMerit’s first quarter earnings report showed profits up 23 percent, thanks to loans and deposits.  And that’s before the bank announced its big acquisition this month of Michigan-based Citizens Republic Bancorp.

Vice President Bill Richgels told analysts in a conference call he expects the economy will continue to cooperate.

“We expect the slow-growth recovery with associated low interest rates to continue. We expect to maintain the size of the investment portfolio observed at the end of the first quarter.”

 But things will be changing. FirstMerit is putting up $912 million primarily in stock to buy Citizens Republic, and the deal will double FirstMerit’s size.   Chairman Paul Greig says the two banks will integrate throughout the year.

“We’re going to be branding everything ‘FirstMerit’ and talked about how, for the interim, we’ll be saying, ‘Citizens, now a part of FirstMerit.’ But during the summer we’ll begin a branding initiative that will go through Michigan and Wisconsin.”

The Citizen’s deal is expected to add 150 jobs to Akron, and the city has agreed to invest more than $3 million to fix up the downtown Cascade Plaza, where FirstMerit’s headquarters are. The state is also expected to put up more than $2 million in Job Creation Tax Credits.

 

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

Three exonerated of murder convictions from 18 years ago
Thanks heavens that none of them have been condemned to death. This alons should convince the USA to join the civilized world by abolishing the death penalty. E...

Kombucha: a sweet business brewed with fermented tea
Stevia is not an artificial sweetener. It is a plant. I have one growing in my sunroom. The leaves are dried and added to teas. It's harvested commercially and...

Bringing back ballet in Cleveland
I do think Ballet in Cleveland is doing good things, but the fact that director says "When we have flourishing companies like the New York City Ballet and the A...

Report confirms some Vietnam veterans may have been exposed to Agent Orange
was in nam 1969 exposed va stated lost medical records was in lawsuit from 197? till settled 0 $ 2010 ? said all nam vets will get back disability till 198? jus...

Mentorship grant program redefines "faith-based" provision
Can't anyone have values, beliefs, and morals anymore? How is it anymore unconstitutional for a school partner with a "faith-based" organization than any other ...

Exploradio: The challenge of finding a healthy balance with technology
Thank you, Jeff, for another well done Exploradio. I always learn something interesting about what is happening in NE Ohio.

Northeast Ohio's transgender community rallies around restroom issue
A good first step would be for Cleveland to require restaurants to have a public restroom. Cleveland is the only city I've ever been in where restaurants somet...

Vapor shops say tobacco tax hikes could hit them hard
Maybe you should be DOING a study, since every time you've tried to villianize them all that's happened was the opposite. I'm not a fan of alcohol that's flavor...

New law gives access to birth records to Ohio adoptees
Can siblings also look for their missing brother or sister? And how do we go about it?

Ida McKinley's tiara comes home, with the help of "Pawn Stars"
I donated to the fund to keep the tiara at the museum where I believe it belongs. I took my 16 year old granddaughter to the showing I dont think it will be som...

Copyright © 2015 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