AKRON, Ohio, Jan. 29, 2013 /PRNewswire/ -- FirstMerit Corporation (Nasdaq: FMER) ("FirstMerit" or the "Corporation") today announced the pricing of its public offering (the "Depositary Shares Offering") of 4,000,000 depositary shares (the "Depositary Shares"), each representing a 1/40th interest in a share of its 5.875% Non-Cumulative Perpetual Preferred Stock, Series A, without par value, $1,000 liquidation preference per share (equivalent to $25.00 per Depositary Share) (or up to an aggregate of 4,600,000 Depositary Shares if the underwriters of such offering exercise their option to purchase additional Depositary Shares in full) and $250 million aggregate principal amount of its 4.350% Subordinated Notes due 2023 (the "Notes") (the "Notes Offering," and, together with the Depositary Shares Offering, the "Offerings") in separate registered public offerings. FirstMerit intends to apply to list the Depositary Shares on the New York Stock Exchange under the symbol "FMCP." If the application is approved, FirstMerit expects trading of the Depositary Shares on the New York Stock Exchange to commence within the 30‐day period after the initial delivery of the Depositary Shares.
The Corporation expects to close the Offerings on February 4, 2013 (such settlement being referred to as "T+5"), subject to satisfaction of customary closing conditions.
FirstMerit expects to use the net proceeds from the Offerings to purchase, in connection with its acquisition of Citizens Republic Bancorp, Inc. ("Citizens"), Citizens' outstanding Series A preferred stock, which Citizens issued to the U.S. Treasury as part of the Troubled Asset Relief Program, plus the payment of all accrued, cumulated and unpaid dividends.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets, LLC, Barclays Capital Inc. and Credit Suisse Securities ( USA) LLC are serving as joint book-running managers for the Offerings.The Offerings may be made only by means of a prospectus supplement and the accompanying prospectus. A copy of the final prospectus supplement and accompanying prospectus relating to the Offerings may be obtained, when available, by phone call or e-mail from Merrill Lynch, Pierce, Fenner & Smith Incorporated, at 1-800-294-1322 or via e-mail at firstname.lastname@example.org; RBC Capital Markets, LLC, at 1-866-375-6829 or via e-mail at RBCNYFixedIncomeProspectus@rbccm.com; Barclays Capital Inc., at 1-888-603-5847 or via e-mail at email@example.com; or Credit Suisse Securities ( USA) LLC, at 1-800-221-1037 or via e-mail at firstname.lastname@example.org. This release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and is effective.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts