FLINT, MI (WNEM) -
A move by two large banking organizations will create a major Midwest banking franchise and allow for further expansion into Michigan and Wisconsin.
Flint-based Citizens Republic Bancorp, Inc is being acquired by FirstMerit Corp., of Akron, Ohio for $912 million in stock. Under the agreement, the combined company will have about $24 billion in assets, $19 billion in deposits, 415 branches, 452 ATMs and more than 5,000 employees across Ohio, Michigan, Illinois, Pennsylvania and Wisconsin.
"We are excited to bring FirstMerit to new customers and communities throughout Michigan and Wisconsin. These two states offer a strong cultural fit for our proven super community bank model of providing world-class products and services through local delivery by bankers our customers know and trust," said Paul G. Greig, chairman, president and CEO of FirstMerit. "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."
Citizens is the largest bank holding company headquartered in Michigan with roots dating back to 1871 and is the 57th largest bank holding company headquartered in the United States.
Crain's Detroit Business is reporting that the 156 Citizens offices in Michigan will be rebranded under the FirstMerit name.
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