FirstMerit Starts $315M Stock Offering

Michigan

Chicago-Based Midwest Bank and Trust Co. Among Four Failures

Despite aggressive efforts to stay alive, Midwest Bank and Trust was closed late Friday by Illinois regulators. The failure of the Chicago-area bank came on a night when the FDIC ...

By Joe Adler

May 14

Following its acquisition of Midwest Bank and Trust Co., FirstMerit Corp. is looking to beef up capital.

The Akron, Ohio, company announced Sunday that it has commenced a public offering to raise $315 million of common stock. FirstMerit said it is looking to boost capital at its FirstMerit Bank following the purchase of the $3.2 billion-asset Midwest Bank, which failed Friday.

At March 31, FirstMerit had $12.3 billion of assets and its bank had a total risk-based capital ratio of 10.5%.

Robert Barba

Technology editor, American Banker

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