FirstMerit Corporation
| Company type | Public |
|---|---|
| Industry | Financial services |
| Founded | 1845 |
| Defunct | 2017 |
| Fate | Acquired by Huntington Bancshares |
| Headquarters | Akron, Ohio , United States |
Area served | Ohio, Michigan, Wisconsin, Illinois, Pennsylvania |
| Products | Retail and commercial banking, private banking, mortgage lending, credit card services |
| Parent | Huntington Bancshares (from 2016) |
FirstMerit Corporation was a multifaceted financial services firm based in Akron, Ohio, managing assets totaling around $26.2 billion as of June 30, 2016. The company maintained a network of 359 banking branches and 400 ATMs spread throughout Ohio, Michigan, Wisconsin, Illinois, and Pennsylvania. Its primary offerings encompassed retail and commercial banking, private banking, mortgage lending, and credit card services. Major subsidiaries included FirstMerit Bank, N.A., and FirstMerit Mortgage Corporation. In August 2016, FirstMerit was acquired by Huntington Bancshares.
History
The foundation of FirstMerit traces back to 1845. In 1981, a merger between First National Bank of Ohio and Old Phoenix National Bank of Medina, Ohio resulted in the creation of First Bancorporation of Ohio (First Ohio). Over the next decade, the company expanded its presence across Ohio through acquisitions such as Twinsburg Banking Company in 1982 and Exchange Bank in Canal Fulton in 1985.
Following the acquisition of CIVISTA Corporation based in Canton, Ohio in 1995, the holding company adopted the name FirstMerit Corporation. The firm broadened its scope by purchasing Abell & Associates, a life insurance and financial advisory business, in 1997. This expansion included growing its branch network within Ohio and into Lawrence County, Pennsylvania by adding 32 new locations.
In 2009, FirstMerit acquired 24 branches around Chicago from St. Louis-based First Bank along with asset-based lending portfolios. By 2010, these branches had been fully integrated into FirstMerit's system. Further expansion in the Chicago area was achieved through the acquisition of failed institutions such as George Washington Savings Bank and Midwest Bank and Trust.
A pivotal development occurred on September 13, 2012, when FirstMerit declared its intent to acquire Citizens Republic Bancorp via a stock-for-stock transaction valued at approximately $912 million. This deal finalized during the second quarter of 2013. Although shareholders approved the merger, some law firms raised concerns regarding the fairness of the valuation and potential breaches of fiduciary duties by Citizens Republic’s board.
In January 2013, Sandy Pierce was named vice chair and CEO of FirstMerit Michigan to lead integration efforts. After obtaining regulatory clearance, the merger was completed on April 12, 2013, with Citizens Republic Bancorp operating under the name "Citizens Bank, now part of FirstMerit Bank." By June 13, 2013, all branches had been rebranded as FirstMerit Bank. Later that year in November, the iconic Citizens Bank weather ball in Flint was updated to display the FirstMerit brand.
Huntington acquisition
On January 26, 2016, Huntington Bank announced plans to acquire FirstMerit subject to regulatory approval, creating Ohio’s largest banking institution. The transaction closed on August 16, 2016. To address antitrust issues raised by the Justice Department, 13 branches located in Canton and Ashtabula were divested to First Commonwealth Bank. Additionally, Huntington closed 107 branches situated within a 2.5-mile radius of existing Huntington or FirstMerit locations. The remaining branches and customer accounts were transitioned to Huntington early in 2017.
In 2017, Huntington took over responsibility for a $15.9 million class-action lawsuit initiated in 2011 that alleged FirstMerit had imposed unfair overdraft fees.
Headquarters
Established in 1845, FirstMerit maintained its main office in Akron, Ohio, within the FirstMerit Tower. This 27-story building, finalized in 1931, continues to be the tallest edifice in Akron.
Subsidiaries
- FirstMerit Bank, N.A.
- FirstMerit Mortgage Corporation
- FirstMerit Community Development Corporation
External links
- Articles with short description
- Banks based in Ohio
- Companies based in Akron, Ohio
- Banks established in 1845
- Banks disestablished in 2017
- Companies formerly listed on the Nasdaq
- Huntington Bancshares
- Defunct banks of the United States
- 2016 mergers and acquisitions
- American companies established in 1845
- American companies disestablished in 2017
- 2017 disestablishments in Ohio
- Companies of the United States by year of establishment
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