FirstMerit Receives Approval for Chicago-Area First Bank Acquisition

AKRON, Ohio, Jan. 20 /PRNewswire-FirstCall/ -- FirstMerit Corporation (Nasdaq: FMER) announced it has received approval from its regulators for its November 11, 2009, acquisition of approximately $1.2 billion of deposits and 24 Chicago-area branches from St. Louis, Mo.-based First Bank.

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"This approval reflects our regulators' confidence in FirstMerit's strengths and abilities to expand into the dynamic Chicago market," said Paul G. Greig, president, chairman and CEO of FirstMerit.

The Chicago branches will seamlessly convert to FirstMerit locations in February with consistent products, service and signage.

"We are excited to welcome our new customers and employees to the FirstMerit family, led by Chicago Regional President Pete Gillespie," said Greig. "Not only do we look forward to providing the same high value we offer in our existing Ohio and Pennsylvania footprint, we also expect this expansion into Chicago to be accretive to shareholder value."

In December, FirstMerit closed its acquisition of the Midwest asset-based loan (ABL) business from an affiliate of First Bank. FirstMerit also acquired the staff to service those loans and build new business. FirstMerit now has ABL offices in Akron, Cleveland, Cincinnati, Chicago and St. Louis.

About FirstMerit

FirstMerit Corporation is a diversified financial services company headquartered in Akron, Ohio, with assets of $10.8 billion as of September 30, 2009 and 156 banking offices and 179 ATMs in 25 Ohio and Western Pennsylvania counties. FirstMerit provides a complete range of banking and other financial services to consumers and businesses through its core operations. Principal wholly-owned subsidiaries include: FirstMerit Bank, N.A., FirstMerit Mortgage Corporation, FirstMerit Title Agency, Ltd., and FirstMerit Community Development Corporation.

SOURCE FirstMerit Corporation

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