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.

Greater Akron Chamber

Akron Children's Hospital

Akron General


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

Massive pipeline planned to pump Ohio shale products to Texas
This needs stopped. Ohioans pay the price, putting up with pollution, leaks, explosions, and the top one percent profit from exporting fracked product to China.

National Weather Service confirms three tornado touchdowns yesterday
I was driving back from a party and was caught in the middle of a large thunderstorm. The hail and lightning were a whole light closer than usual, is something ...

Another Indians season opens with Chief Wahoo under scrutiny
The picture you have for Robert rocha is not him. He has long hair. No idea who that guy is in that picture

Portman predicts McDonald's confirmation, but says it won't be easy
I sent the following note to Senator Blumenthal after reading commentary from yesterday's hearing: Senator, You certainly have the right to ask Mr. McDonald que...

Seven minutes changed everything, but what changed Ashford Thompson?
He shot the guy four times in the head. I have never been that drunk or mad, and I have been through it. Shoot a guy once is bad, maybe a mistake, shoot a guy f...

First cricket farm in the U.S. opens in Youngstown
I am interested in cricket flour to replace soy flour in a low carbohydrate diet. As soon as you have cricket flour available for the average person, please le...

New process starts digesting sludge in Wooster
Awesome! When do our sewage rates decrease accordingly?

Akron's Chapel Hill Mall in foreclosure
Not a surprise. Between the shoplifting, gangs and violence that goes on up there it is no wonder that no one feels safe to shop at Chapel Hill. They have sca...

Ohio launches investigation into at least one Concept charter school
I worked at Noble Academy Cleveland as admin assistant and enrolment coordinator for 6 years, I know this is so valid and true and can provide staff names and p...

Copyright © 2014 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