FirstMerit Corporation Holds 19th Annual Shareholder Meeting; Announces Preferred Stock Dividend

Apr 18, 2001, 01:00 ET from FirstMerit Corporation

    AKRON, Ohio, April 18 /PRNewswire/ -- FirstMerit Corporation
 (Nasdaq:   FMER) held its annual meeting of shareholders today in Akron, Ohio.
 John R. Cochran, Chairman and Chief Executive Officer, reported on
 FirstMerit's operating results for the year 2000, and the strategies for
 continuing high performance that have resulted in five consecutive years of
 record earnings growth.  Mr. Cochran stressed the consistency of FirstMerit's
 approach to relationship banking, and its on-going evolution as a full-service
 provider of financial solutions.  The combination of high service, broad and
 effective product line, and increasing productivity through its investment in
 people and technology, continue to be valued in FirstMerit's Ohio and
 Pennsylvania markets.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20001220/FIRSTMERITLOGO )
     "Our goal is to be a single source provider of financial solutions for our
 customers.  We work hard for our shareholders to create long-term value.  Our
 performance goals are aggressive, and achievable," stated Mr. Cochran.  "The
 combination of revenue growth, sound asset quality and exceptional cost
 controls has produced a compounded EPS growth of 10.9% since 1996.  Total
 shareholder return in 2000 was 21.6% from a combination of stock appreciation
 and dividends paid.  This was an outstanding record year fraught with stock
 market disappointments.  By comparison, major indices such as the S&P 500 and
 the Nasdaq composite declined 10% and 40%, respectively."
     The Board of Directors declared a regular quarterly cash dividend of
 $0.40625 per share on the Corporation's Series B Preferred Stock, payable June
 1, 2001, to shareholders of record on April 30, 2001.
     All six Class I directors nominated to a term expiring in 2004 were
 elected by a majority of shareholders.  The six directors are:  John R.
 Cochran, Richard Colella, Philip A. Lloyd, II, Roger T. Read, Richard N.
 Seaman and Charles F. Valentine.
     A non-binding shareholder proposal was presented at the meeting which
 sought to appoint a committee to advise on strategic alternatives, including a
 possible sale of the company.  The proposal, which was unanimously opposed by
 the Board of Directors, was overwhelmingly defeated.
     FirstMerit is a financial services company headquartered in Akron, Ohio,
 with assets of $10.1 billion and 161 banking offices in 22 Ohio and western
 Pennsylvania counties.  FirstMerit provides a complete range of banking and
 financial services to consumers and businesses through its core operations.
 Principal wholly owned subsidiaries include FirstMerit Bank, N.A., FirstMerit
 Mortgage Corporation, FirstMerit Title Agency, Ltd., FirstMerit Credit Life
 Insurance Company, Mobile Consultants, Inc., and FirstMerit Community
 Development Corporation.  FirstMerit has reported five consecutive years of
 record earnings.
     Full detailed financials for FirstMerit can be found at
 www.firstmerit.com/quarterlies .
 
 

SOURCE FirstMerit Corporation
    AKRON, Ohio, April 18 /PRNewswire/ -- FirstMerit Corporation
 (Nasdaq:   FMER) held its annual meeting of shareholders today in Akron, Ohio.
 John R. Cochran, Chairman and Chief Executive Officer, reported on
 FirstMerit's operating results for the year 2000, and the strategies for
 continuing high performance that have resulted in five consecutive years of
 record earnings growth.  Mr. Cochran stressed the consistency of FirstMerit's
 approach to relationship banking, and its on-going evolution as a full-service
 provider of financial solutions.  The combination of high service, broad and
 effective product line, and increasing productivity through its investment in
 people and technology, continue to be valued in FirstMerit's Ohio and
 Pennsylvania markets.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20001220/FIRSTMERITLOGO )
     "Our goal is to be a single source provider of financial solutions for our
 customers.  We work hard for our shareholders to create long-term value.  Our
 performance goals are aggressive, and achievable," stated Mr. Cochran.  "The
 combination of revenue growth, sound asset quality and exceptional cost
 controls has produced a compounded EPS growth of 10.9% since 1996.  Total
 shareholder return in 2000 was 21.6% from a combination of stock appreciation
 and dividends paid.  This was an outstanding record year fraught with stock
 market disappointments.  By comparison, major indices such as the S&P 500 and
 the Nasdaq composite declined 10% and 40%, respectively."
     The Board of Directors declared a regular quarterly cash dividend of
 $0.40625 per share on the Corporation's Series B Preferred Stock, payable June
 1, 2001, to shareholders of record on April 30, 2001.
     All six Class I directors nominated to a term expiring in 2004 were
 elected by a majority of shareholders.  The six directors are:  John R.
 Cochran, Richard Colella, Philip A. Lloyd, II, Roger T. Read, Richard N.
 Seaman and Charles F. Valentine.
     A non-binding shareholder proposal was presented at the meeting which
 sought to appoint a committee to advise on strategic alternatives, including a
 possible sale of the company.  The proposal, which was unanimously opposed by
 the Board of Directors, was overwhelmingly defeated.
     FirstMerit is a financial services company headquartered in Akron, Ohio,
 with assets of $10.1 billion and 161 banking offices in 22 Ohio and western
 Pennsylvania counties.  FirstMerit provides a complete range of banking and
 financial services to consumers and businesses through its core operations.
 Principal wholly owned subsidiaries include FirstMerit Bank, N.A., FirstMerit
 Mortgage Corporation, FirstMerit Title Agency, Ltd., FirstMerit Credit Life
 Insurance Company, Mobile Consultants, Inc., and FirstMerit Community
 Development Corporation.  FirstMerit has reported five consecutive years of
 record earnings.
     Full detailed financials for FirstMerit can be found at
 www.firstmerit.com/quarterlies .
 
 SOURCE  FirstMerit Corporation

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