FirstMerit Corporation · Akron, OH United States ·(NASDAQ (GS): FMER)
Company Description
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This link will open in a new window FirstMerit Corporation is the holding company for FirstMerit Bank, which provides retail and commercial banking services through more than 150 branches in Ohio and western Pennyslvania. Serving local consumers and small to midsized businesses, the bank provides standard services such as deposit accounts, credit and debit cards, and loans; commercial loans account for more than half of the company's loan portfolio, which is rounded out by consumer installment loans, residential mortgages, and home equity loans. FirstMerit Bank and its subsidiaries also offer wealth management, securities brokerage, equipment lease financing, insurance, and trust services. To read the full description, subscribe now.
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Key FirstMerit Corporation Financials
| Company Type | Public - NASDAQ (GS): FMER Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $557.6 |
| 2008 Employees | 2,575 |
FirstMerit Corporation Executives
44 executives listed for FirstMerit Corporation's Akron, OH location.
| Title | Name & Bio | Contact |
| Chairman, President, and CEO, FirstMerit and FirstMerit Bank | Paul Greig | Network |
| EVP and CFO, FirstMerit and FirstMerit Bank | Terrence Bichsel | Network |
| EVP and CTO, FirstMerit and FirstMerit Bank | Larry Shoff | Network |
Competition
Competitive Landscape for FirstMerit Corporation
Demand for banking services is closely tied to economic activity and the level of interest rates. The profitability of individual banks depends on marketing skills, efficient operations, and good risk management. Large economies of scale exist in some segments of the industry, which has encouraged industry consolidation. Smaller banks can compete successfully in segments where customer service or knowledge of the local market is more important. The industry is capital-intensive and highly automated: annual revenue per employee is close to $300,000. Many banks and thrifts aggressively offered adjustable rate and subprime mortgages during the housing boom of the early 2000s only to find themselves saddled with loan defaults and extensive losses when the housing bubble burst. Deep exposure to subprime mortgages and mortgage-backed securities caused bank failures, government takeovers, and involuntary mergers. To read the full description, subscribe now.Top FirstMerit Corporation Competitors
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