September 13, 2012 / 12:40 PM / 5 years ago

FirstMerit to buy Citizens Republic for $952 million

Sept 13 (Reuters) - FirstMerit Corp said it would buy Citizens Republic Bancorp in an all stock transaction, valued at about $952 million, to expand its footprint into Michigan and Wisconsin.

Citizens Republic shareholders will receive 1.37 FirstMerit shares for each share they tender to the offering.

Based on FirstMerit's Wednesday close, the Ohio-based bank is paying $23.51 for each Citizen share, a premium of 18 percent.

The combined banks will have total assets of more than $24 billion. The deal is expected to add significantly to earnings per share from 2014, FirstMerit said.

Citizens Republic had been exploring options, including a possible sale.

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