Following its acquisition of Midwest Bank and Trust Co., FirstMerit Corp. is looking to beef up capital.

The Akron, Ohio, company announced Sunday that it has commenced a public offering to raise $315 million of common stock. FirstMerit said it is looking to boost capital at its FirstMerit Bank following the purchase of the $3.2 billion-asset Midwest Bank, which failed Friday.

At March 31, FirstMerit had $12.3 billion of assets and its bank had a total risk-based capital ratio of 10.5%.

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