Shares of FirstMerit Corp. tumbled more than 3% on Wednesday as investors reacted to a major stock transaction by a company executive on the eve of her departure.

Carrie Tolstedt, executive vice president overseeing strategic planning and marketing, exercised options for 25,800 shares, worth $731,000, according to a filing with the Securities and Exchange Commission. The sale allowed her to buy 6,000 of the company's shares under a discounted stock plan that expires when she leaves.

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