July 25, 2014 1:10 AM ET


Company Overview of Firstmerit Bank, National Association

Company Overview

Firstmerit Bank, National Association provides financial services. The company offers financing options for purchasing a car or boat, paying college tuition, and planning to consolidate debt or make home improvements. It also provides online banking services. Firstmerit Bank, National Association serves household and business customers in Ohio and Western Pennsylvania. Firstmerit Bank, National Association was formerly known as First National Bank Of Ohio and changed its name to Firstmerit Bank, National Association in September 1997. The company was founded in 1890 and is based in Akron, Ohio. Firstmerit Bank, National Association operates as a subsidiary of FirstMerit Corporation.

106 South Main Street

Akron, OH 44308-1417

United States

Founded in 1890





Key Executives for Firstmerit Bank, National Association

Chairman of The Board
Age: 58
Chief Executive Officer of FirstMerit Columbus Region and President of FirstMerit Columbus Region
Interim Chief Information Officer and Interim Chief Information Officer of Firstmerit Corporation
Age: 57
Chief Administrative Officer and Vice President
Senior Vice President and Regional Banking Center Manager
Compensation as of Fiscal Year 2014.

Firstmerit Bank, National Association Key Developments

FirstMerit Bank to Close Merriman Road Branch and Wooster Branch on June 6, 2014

FirstMerit Bank will close its Merriman Road branch in the Merriman Valley area of Akron on June 6, 2014. The closures will achieve cost savings from the acquisition of the former Citizens Bank. The branch, at 1675 Merriman Road, is the only Akron-area FirstMerit location being closed at the end of the business day on June 6, 2014. All bank employees will be transferred to other locations. The Wooster branch, at 1812 Cleveland Road, and a Fairport Harbor branch also are closing on June 6, 2014. The other 23 closures are elsewhere in the Akron-based bank's five-state region.

Virtu Company and SMP Company, Incorporated and Firstmerit Bank, N.A. Enter into Amendment to the Note Related to Ourpet’S Current $5,000,000 Revolving Credit Facility with the Lender

On November 12, 2013, OurPet’s Company its wholly owned subsidiaries, Virtu Company and SMP Company, Incorporated and FirstMerit Bank, N.A., entered into an Amendment to the Note related to OurPet’s current $5,000,000 revolving credit facility with the Lender. Pursuant to the Amended Note, the Credit Facility was extended to June 30, 2015, at an interest rate of 0.5% plus FirstMerit’s Prime Lending Rate. Currently the rate is 3.75%. OurPet’s borrowing base under the Credit Facility is calculated monthly as 80% of eligible accounts receivable plus 40% of eligible inventory; provided that total eligible inventory is capped at $2,000,000. The Credit Facility is collateralized by a security interest in the cash, accounts receivable, inventory and all other property and assets of OurPet’s and the Subsidiaries. OurPet’s must continue to maintain a debt service coverage ratio on a consolidated basis of at least 1.15 to 1.0 measured quarterly on a trailing twelve month basis. OurPet’s must also continue to maintain an adjusted tangible net worth on a consolidated basis of at least $4,500,000, measured quarterly. The loan documents contain other customary loan covenants and default provisions that, if triggered, would cause the acceleration of debt incurred under the Credit Facility.

FirstMerit Bank NA to Cut 135 Jobs in Flint, Michigan

FirstMerit Bank NA announced that is will terminate 135 people from its downtown Flint, Michigan, location within a 14-day period beginning October 31, 2013. The notice, filed by Jennifer Phillips, an associate counsel and human resources representative, indicated that the layoffs will be permanent, but did not disclose the positions being terminated. The report noted that on completion of the Citizens Republic Bancorp Inc. purchase, Sandy Pierce, chairman and CEO of FirstMerit Michigan, previously said in April that the bank could announce some workforce adjustment.

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