Posted on Thu, Sep 13, 2012 : 2:24 p.m.
Citizens Republic Bancorp Inc. to be sold to Ohio bank
By Paula Gardner
Flint-based Citizens Republic Bancorp Inc. and Akron, Ohio-based FirstMerit Corp. have entered into a definitive agreement under which FirstMerit will acquire Citizens in a stock-for-stock transaction, according to a report on MLive.com.
The deal has a total value of approximately $912 million.
Citizens had reportedly been searching for buyers earlier this year.
Citizens Republic operates eight branches or ATMs in Washtenaw County, including ones at 2100 S. Main St. and 350 S. Main in Ann Arbor.
According to the FDIC, the bank ranked 11th in 2011 market share among Washtenaw County banks.