FirstMerit Corp.
FMER
NASDAQ21.61
USD
+0.30
- -
CIK
0000354869
Return %
Stock
S&P500
1Y
- -
26.53
3Y
- -
76.60
5Y
- -
80.11
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Sector
- Financial Services
- Industry
- Banks - Regional
- Address
- IPO Date
- Jan 4, 2016
- CIK
- 0000354869
- Similar Companies
- Business
- FirstMerit Corporation operates as a diversified financial services holding company that provides retail and commercial banking products and services; securities brokerage, trust administration, equipment lease financing, insurance agency services, mortgage lending, community development lending, and title agency operations to consumers, small- and middle-market businesses, and institutional clients. The company maintains banking offices and ATMs across Ohio, Michigan, Wisconsin, Illinois, Pennsylvania, and adjacent regions, with principal subsidiaries including FirstMerit Bank, N.A., FirstMerit Mortgage Corporation, FirstMerit Community Development Corporation, FirstMerit Securities, Inc., FirstMerit Leasing Company, and FirstMerit Credit Life Insurance Company. Founded in 1845 through predecessor institutions and headquartered in Akron, Ohio, FirstMerit engages in deposit gathering, loan origination including residential and commercial real estate portfolios, cash management solutions, mobile banking applications, remote deposit capture, and fiduciary services. FirstMerit expanded through strategic acquisitions, including Midwest Bank and Trust Company in 2010, Citizens Republic Bancorp in 2013 for approximately $912 million which added Michigan market presence, and numerous Chicago-area branches from First Bank in 2009-2010; it launched mobile business banking apps and SMS features in 2013 with check deposit capabilities up to $2,500 daily. In a major development, Huntington Bancshares Incorporated acquired FirstMerit in August 2016 for $3.4 billion in a stock-and-cash transaction valued at 1.6 times tangible book value, integrating its $26.2 billion in assets, 359 branches, and operations into Huntington's Midwest franchise while divesting 13 overlapping branches to First Commonwealth Bank and closing 107 others, with full branch conversions completed by early 2017. Post-acquisition, Huntington assumed responsibility for a $15.9 million class-action settlement in 2017 related to prior overdraft fee practices.