FirstMerit Corp. reached a deal to purchase Citizens Republic Bancorp. for $952 million in stock. This merger will allow Ohio-based FirstMerit to expand into upper-Midwest states such as Michigan and Wisconsin. Bloomberg reports that Citizens’ investors will receive around $23.51 per share.
“With a five-state reach that will extend from Western Pennsylvania to Wisconsin, FirstMerit looks to become the bank of choice among businesses and individuals across the upper Midwest,” said Paul G. Greig, CEO of FirstMerit, in a press statement. “As we have successfully demonstrated with our new customers in Chicago, we will provide a seamless transition of existing Citizens Republic relationships.”
Citizens Republic locations be rebranded to the FirstMerit name. The deal is expected to close in the second quarter of 2013.
The new FirstMerit will have $24 billion in total assets, $19 billion in deposits, 415 branches and 452 ATMs.
Just yesterday, Citizens Republic debuted its mobile deposit app. Seems like the company is headed in a good direction.Related