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FirstMerit Corp. (FMER) in Akron, Ohio, earned $40.7 million in the third quarter, up 16% from the same period a year ago, due largely to its recent acquisition of Citizens Republic Bancorp in Flint, Mich.
October 22 -
FirstMerit (FMER) in Akron, Ohio, reported higher second-quarter profit after completing its acquisition of Citizens Republic Bancorp.
July 23 -
Nine months ago FirstMerit executives were under fire for agreeing to buy Citizens Republic. Its shares plummeted. Now its stock is trading near a 52-week high. See how they did it.
June 28 -
FirstMerit in Akron, Ohio, reported higher first-quarter earnings thanks to better fee income and lending as well as lower expenses.
April 23 -
FirstMerit (FMER) in Akron, Ohio, said Friday that it has completed its purchase of Citizens Republic Bancorp in Flint, Mich.
April 12
FirstMerit (FMER) in Akron, Ohio, announced a substantial increase in net income because of its
The $23.9 billion-asset company's
"We substantially completed the integration of Citizens Republic... with a seamless conversion of all operating systems in October, and we now offer the same wide array of competitive products and industry leading services across our entire five-state Midwest footprint," FirstMerit Chief Executive Paul Greig said in a press release.
Net interest income rose by 70% from the fourth quarter of 2012, to $202.1 million. The net interest margin expanded by 31 basis points from a year earlier, to 3.89%. Average originated loans increased by 18% from the end of 2012; deposits rose 68%.
Noninterest income, excluding securities transactions, rose 22% from a year earlier, to $72.4 million.
Noninterest expense rose 60% from a year earlier, to $179.4 million. The majority of merger-related costs in the fourth quarter were associated with professional and legal services tied to the Citizens Republic acquisition.
FirstMerit's loan-loss provision was $10.1 million in the fourth quarter, down from $12.2 million a year earlier. Net chargeoffs fell from $7.1 million a year earlier to $3.3 million.
