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.

Don Drumm Studios

NOCHE

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


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 Republicans protest the loss of Mt. McKinley
I believe the U.S.gov't. was overstepping its bounds by renaming a mountain that belongs to Alaska. How would we like it if Alaska (or any other state) telling ...

Pluto: University of Akron cuts baseball - should football be next?
remember when akron and Youngstown state were both in the ovc. As a Morehead State fan, made trips to both schools and had a wonderful experience. Played Akron ...

Ohio to aid young adults who age out of foster care
I think it's a great idea. I worked for an at risk high school and it was really sad to see the amount of kids who had no where to go because they had aged out...

Could University Circle developments ripple into East Cleveland?
Outsiders are so far off the beaten path and you all need to attend the meeting being held today 8/31/15 Cleveland Public Library, 1:00 PM. http://44112news.co...

ResponsibleOhio leader says the state is trying to set Issue 3 up for failure
Ohio suppose to believe that a group of investors were united under one cause to legalize marijuana.Once legal they all of sudden turn into 10 different compani...

Terry Pluto: U of A's new athletic director has the toughest job in town
It is a hard sell. The Students do not want to go to the football games and they do not want to pay for the program. They have a lot of student loan debt and t...

Akron considering the future of the B.F. Goodrich smokestacks
This BFGoodrich alumna says, "Thank you, Dave Lieberth!"

State creates panel to look at Ohio charter school sponsors
It is more than disturbing that charter schools, which seemed like a good idea years ago, have begun to cripple public school education.

DEVO mural in Akron is now on display downtown
The installation is not at the former site of Chili Dog Mac. CDM was one block north on the other side of Main St.

New report shows growth in white collar jobs for Northeast Ohio
Unfortunately, there are fewer jobs in comparison to the number of professionals applying for them. I have been had a full time job since June 2012. In order to...

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