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.

Knight Foundation

Wayside Furniture

Levin 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

Ohio politicians rally against Planned Parenthood
The baby cries out....I am a person too! ... at least do not sell my heart. In an abortion there are three parties involved...the mother, the father and the ch...

Ohio lawmakers propose grants for home construction for disabled people
We have been trying to have a "Visitability Bill" passed for years. Thanks, Greg

Lake County crimes may give Trump immigration fodder
Shoddy reporting at best. "Mixed views" The question that came to my mind was, "How many people did he have to interview to get "mixed views". Do the two peo...

Ohio's U.S. Sen. Sherrod Brown announces plans to improve Medicare by lowering prescription costs for seniors
Sounds good. I'm living in Florida to escape the snow. So far it's working. I retired from GM in 2000. Keep pushing for all the working people. In the long run ...

The tiny town that time, and elections, forgot may go out of existence
Thank you for this story. I grew up in Limaville, my parents home is there still...unsellable due to the septic/sewer problem. Sometimes I am sorry I left...wis...

Where Ohio'sJohn Kasich stands in the presidential polls
We are fans of Gov. Kasich since he served in the House of Representatives. It pleases us to finally see him as the potential President of the United States. We...

Cleveland hosts the first national Movement for Black Lives conference
What a wonderful experience this was, So much love and understanding, without all of the other distractions that tend to come with organizing for change, this e...

Air Force unit gets training and Youngstown gets rid of some eyesores
Do they have to totally destroy all the beautiful oak and leaded windows, which I am thinking are probably there? Do they just have to destroy them like that? C...

Jewish challah and Native American fry bread at an Akron cultural exchange
Each time I saw the young students relate to each other, I got goose bumps. These young students can and hopefully will teach all of us to live and respect eac...

One of the Cleveland Orchestra's most celebrated musicians bids farewell
I had the honor of studying with Franklin Cohen in the late 80s and early 90s. He is unparalleled both as a clarinetist and as a musician. His deep personal war...

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