) declined 0.54% following the redemption notices to two property
trustees - Citizens Funding Trust I and Citizens Michigan Statutory
Trust I. Redemption notices have been sent to these preferred
security holders nearly 19 years and 52 years before the maturity
As of Jun 30, 2014, the total principal amount outstanding was
$73.7 million which includes securities worth of $48.7 million held
by Citizens Funding Trust I and $25.0 million held by Citizens
Michigan Statutory Trust I. Upon redemption, the preferred security
holders will receive accrued interest plus 100% of the outstanding
With assets of approximately $24.6 billion as of Jun 30, 2014,
FirstMerit, the Akron, OH-based bank, offers a wide range of
banking and other financial services to consumers and businesses.
FirstMerit's capital and balance sheet position improved in the
second quarter of 2014 in comparison to the prior-year quarter.
Given its healthy financial position, it should not be difficult
for the company to pay the redemption amount.
Currently, FirstMerit carries a Zacks Rank #5 (Strong Sell). Some
better-ranked Mid-west banks include First Business Financial
Services, Inc. (
), First Financial Corp. (
) and German American Bancorp Inc. (
). All these stocks hold a Zacks Rank #2 (Buy).
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FIRSTMERIT CORP (FMER): Free Stock Analysis
FIRST BUS FINL (FBIZ): Free Stock Analysis
GERMAN AMER BCP (GABC): Free Stock Analysis
FIRST FINL-IND (THFF): Free Stock Analysis
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