In the second major M&A transaction involving regional banks in less than a month, Akron-based FirstMerit Corporation said Thursday it has agreed to acquire Flint, Michiganbased Citizens Republic Bancorp Inc. in a stock-for-stock deal valued at just under $1 billion.
Under the agreement, Citizens Republic shareholders will receive 1.37 FirstMerit shares for each Citizens Republic share, giving the transaction a total estimated value of $912 million, the companies said in a statement. After the acquisition, Flint, Michiganbased Citizens Republic will take on the FirstMerit name, giving FirstMerit a total of 415 branches in Ohio, Michigan, Illinois, Wisconsin, and Pennsylvania.
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