FirstMerit Corporation History and Evolution

FirstMerit Corporation has a rich history that spans over a century. Founded in 1885, the company started as a small bank in Rockford, Illinois.

The bank remained family-owned and operated for many years, with the original founders' great-grandson, William G. Arendt, serving as the bank's chairman from 1981 to 2006.

FirstMerit Corporation's history is marked by a series of mergers and acquisitions that helped shape the bank into the financial institution it is today.

FirstMerit Corporation's history dates back to 1845, when its predecessors first started operating.

The company's roots in Ohio began in 1981, when First National Bank of Ohio and Old Phoenix National Bank of Medina merged into First Bancorporation of Ohio.

First Ohio continued to expand, purchasing Twinsburg Banking Company in 1982 and Exchange Bank in 1985.

The holding company name changed to FirstMerit Corporation in 1995, following the purchase of CIVISTA Corporation and its subsidiary, Citizens Savings.

FirstMerit added to its portfolio with the acquisition of Abell & Associates, a life insurance and financial consulting firm, in 1997.

Expansion into the Chicago area began in 2009, when FirstMerit acquired 24 branches with $1.2 billion in deposits from St. Louis-based First Bank and its affiliate.

In 2010, FirstMerit acquired George Washington Savings Bank and Midwest Bank and Trust, both failed banks.

FirstMerit made a significant move in 2012, announcing its acquisition of Citizens Republic Bancorp in a stock-for-stock transaction valued at approximately $912 million.

The acquisition closed in the second quarter of 2013, with Sandy Pierce being appointed as FirstMerit's vice chair and chairman and CEO of FirstMerit Michigan.

The banks owned by Citizens Republic Bancorp were officially renamed FirstMerit Bank on June 13, 2013.

In November 2013, the landmark Citizens Bank weather ball in Flint, Michigan was refaced with the letters C B replaced with F M.

Huntington Bank announced it would purchase FirstMerit on January 26, 2016, subject to regulatory approval, in a deal that would make Huntington the largest bank in Ohio.

Huntington completed the acquisition of FirstMerit on August 16, 2016.

Due to anti-trust concerns by the Justice Department, 11 branches in Canton and two in Ashtabula were sold to First Commonwealth Bank.

Additionally, 107 branches located within 2.5 miles of other Huntington / FirstMerit branches were closed.

All remaining FirstMerit branches and accounts were converted to Huntington in early 2017.

Huntington became responsible for the costs of a $15.9 million class-action lawsuit filed in 2011 that alleged FirstMerit unfairly charged some customers overdraft fees.

In 2017, the Justice Department announced that Huntington would sell 13 branches in Northeast Ohio, with approximately $737.8 million in deposits, to resolve antitrust concerns.

The divested branches included two in Ashtabula County and 11 in Stark County, Ohio.

The Justice Department required Huntington to suspend existing and not enter into new non-compete agreements with branch managers and loan officers in Ashtabula County and Stark County, Ohio, for 180 days.

Huntington is the holding company of The Huntington National Bank, Columbus, Ohio, with approximately $73 billion in assets.

Huntington operates more than 750 branches and 1,500 ATMs in Ohio, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia.

FirstMerit is the holding company of FirstMerit Bank, N.A., Akron, Ohio, with approximately $26.1 billion in assets.

FirstMerit Corporation's acquisition by Chase had a significant impact on its employees and operations.

The acquisition led to a reduction in the number of employees, with approximately 3,400 jobs eliminated.

Many employees were left wondering about their future with the company.

FirstMerit's headquarters in Chicago remained, but the company's name was eventually phased out in favor of Chase branding.

The acquisition also brought about changes to the company's operations, including the consolidation of branches and the elimination of certain banking products.

Chase was able to leverage FirstMerit's existing customer base and network of branches to expand its services in the Midwest.

The integration process was complex and took several years to complete, with multiple phases of implementation.

Despite the challenges, Chase was ultimately able to integrate FirstMerit's operations into its existing systems and continue to serve customers across the region.

The acquisition marked a significant shift in the banking landscape, with Chase emerging as a major player in the Midwest.

FirstMerit Corporation had a complex organizational structure, with numerous subsidiaries and affiliates that expanded its reach and services.

The company's main subsidiaries included FirstMerit Bank, N.A., FirstMerit Trust Company, N.A., and FirstMerit Bank, FSB.

FirstMerit Bank, N.A. was the primary banking subsidiary, offering a wide range of financial services to individuals and businesses.

FirstMerit Trust Company, N.A. provided trust and investment services, while FirstMerit Bank, FSB was a thrift subsidiary that offered deposit accounts and other financial services.

The company's subsidiaries and affiliates operated in various states across the United States, with a strong presence in the Midwest and Northeast regions.