By Betty Lin-Fisher
Beacon Journal business writer
POSTED: 01:18 p.m. EDT, Apr 21, 2010
FirstMerit Corp. had a strong year, seeing opportunities for growth in the middle of the recession, and is continuing to look for growth potential, the head of the Akron-based bank said on Wednesday.
While many competitors were posting losses, FirstMerit was able ''to post profits through the deep recession,'' Chairman, President and Chief Executive Officer Paul G. Greig told about 100 employees and shareholders at the bank's annual meeting.
The company has $12.1 billion in assets, making it the fourth-largest bank in Ohio and 42nd largest in the United States. Its market capitalization (stock price times shares outstanding) is $2 billion, making it fourth in Ohio and 32nd in the U.S.
On Feb. 19, the bank closed on two deals to grow in the Chicago market, adding $1.6 billion in deposits and 28 branches in that market with the acquisition of First Bank and the purchase of failed George Washington Bank from the Federal Deposit Insurance Corp., Greig said.
Chicago is a good market for FirstMerit to grow in because of its dense population and demographics, Greig said. In addition, Greig and two other senior executives have more than 60 years of banking experience in Chicago, he said.
Greig reiterated the bank's commitment to its core, local Ohio business.
''We still have an unwavering — and I will underline unwavering — commitment to the core communities in Ohio,'' he said.
Greig said the bank prides itself on its strong community banking.
''Customers want to eyeball the decision maker'' and have an avenue of recourse, if necessary, said Greig.
Greig said the personal relationships and regional presidents with local-decision making ability set FirstMerit apart from competitors.
''None of our competitors have that type of intimate relationship,'' he said.
All 12 directors up for re-election were approved: Steven H. Baer, managing member of Rally Capital Services LLC in Chicago; Karen S. Belden, a realtor with DeHoff Realtors in Canton; R. Cary Blair, former chairman and CEO of the Westfield Group in Westfield Center; John C. Blickle, president of Rubber City Arches LLC of Akron; and Robert W. Briggs, president of the GAR Foundation, chair of the John S. and James L. Knight Foundation and partner and chairman emeritus of Buckingham, Doolittle & Burroughs LLP in Akron.
Also re-elected: Richard Colella, managing partner of Colella & Weir PLL in Lorain; Gina D. France, president of France Strategic Partners LLC in Medina; Greig; Terry L. Haines, former A. Schulman Inc. chairman, CEO and president; J. Michael Hochschwender, president and CEO of the Smithers Group in Akron; Clifford J. Isroff, former chairman and secretary of I Corp and president and chief operating officer of Sterling Jewelers; and Philip A. Lloyd II, counsel with Vorys law firm. Richard N. Seaman retired at the meeting.
Two shareholders asked questions during the meeting. One asked whether a well-run bank would mean it was a good acquisition target. Greig said he was unable to comment on that, but said, ''It is our obligation to do the best for shareholders and we will do just that.''
Betty Lin-Fisher can be reached at 330-996-3724 or blinfisher@thebeaconjournal.com.
