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,
liquidation preference per share (equivalent to
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
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 (
) 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
; RBC Capital Markets, LLC, at 1-866-375-6829 or via e-mail at
; Barclays Capital Inc., at 1-888-603-5847 or via e-mail at
; or Credit Suisse Securities (
) LLC, at 1-800-221-1037 or via e-mail at
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.