AKRON, Ohio - FirstMerit is buying Flint, Mich.-based Citizens Republic Bancorp Inc. in a stock-for-stock deal valued at about $912 million.
FirstMerit said the acquisition will give it access to Michigan and Wisconsin and bolster its presence in Northeast Ohio.
Citizens stockholders will receive 1.37 shares of stock in Akron, Ohio-based FirstMerit Corp. stock for each share they own.
This would put the value of a Citizens share at $22.50, based on FirstMerit's average 10-day closing price ended Wednesday.
This is a 13 percent premium to the Michigan company's Wednesday closing price of $19.87.
Shares of FirstMerit declined $1.40, or 8.2 percent, to $15.76 in premarket trading Thursday, while Citizens' stock added 82 cents, or 4.1 percent, to $20.69.
Copyright 2012 by ClickOnDetroit.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.