Bailout Bank Bio: FirstMerit Corporation

Mar 26, 2009 | 2 min read | Print Article

Update

The company recently announced that it had re-purchased its preferred stock from the Treasury Department. FirstMerit paid $125 million to reclaim the stock.

Updated 6-5-09

FirstMerit Corporation is a bank holding company for FirstMerit Bank, serving central Ohio and western Pennsylvania with approximately 160 banking offices. The company is headquartered in Akron, Ohio. Under its agreement with the Treasury, FirstMerit received $125 million through the Capital Purchase Program, in exchange for 125,000 shares of FirstMerit’s Fixed Rate Cumulative Perpetual Preferred Shares, Series A and a warrant to purchase 952,260 FirstMerit common shares. On April 22, 2009, the company repurchased the shares, paying the Treasury $126,163,194.

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Bailout Bank Bio: FirstMerit Corporation


Federal Equity Investment	$125 million
Total Revenue	$833.9 million (2007) $755.3 million (2008)
Net Income	$123.0 million (2007) $119.5 million (2008)
Number of Employees	2,614
Corporate Headquarters	Akron, Ohio
Business Sector	Bank
Officers and Directors	Greig, Paul, Chairman of the Board, President, Chief Executive Officer Other Officers and Directors
Corporate Website	https://www.firstmerit.com
Executive Compensation	FirstMerit Corporation