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October 04, 2015 1:53 PM ET


Company Overview of FirstMerit Bank, National Association

Company Overview

FirstMerit Bank, National Association provides banking, fiduciary, financial, insurance, and investment services to corporate, institutional, and individual customers. The bank 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, LLC and changed its name to FirstMerit Bank, National Association in September, 1997. The bank was founded in 1890 and is based in Akron, Ohi...

106 South Main Street

Akron, OH 44308-1417

United States

Founded in 1890





Key Executives for FirstMerit Bank, National Association

Chairman, Chief Executive Officer and President
Age: 59
Senior Executive Vice President and Chief Financial Officer
Age: 66
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: 58
Chief Administrative Officer and Vice President
Compensation as of Fiscal Year 2015.

FirstMerit Bank, National Association Key Developments

FirstMerit Bank Plans to expand Regional Headquarters and First Milwaukee Branch on Cathedral Square; Appoints Kevin Leissring Serves as President and CEO of FirstMerit Bank Wisconsin

FirstMerit Bank planes to expand its Wisconsin presence, opening its regional headquarters and first Milwaukee branch on Cathedral Square in coming months. The bank will open its first Milwaukee branch at 535 E. Wells St. in November, offering ATM and banking services. Its regional headquarters are expected to open in December at 555 E. Wells St., relocating about 13 staffers from temporary offices. The bank also announced that the former Town Bank exec Kevin Leissring serves as president and CEO of FirstMerit Wisconsin.

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.

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