AKRON, Ohio, Feb. 16 /PRNewswire-FirstCall/ -- FirstMerit Corporation
(Nasdaq: FMER) today announced that its board of directors has adopted a
majority vote policy for the election of directors that includes a
resignation policy for any director nominee if a majority of votes are
withheld in the director's election. The board will also seek stockholder
approval for the following measures at FirstMerit's April 18, 2007 annual
meeting:
* Elimination of the supermajority voting requirements needed to change
certain provisions of the Company's Regulations
* Elimination of the supermajority voting requirements needed to approve
business combinations under the Company's Articles
(Logo: http://www.newscom.com/cgi-bin/prnh/20070216/CLF003 )
FirstMerit also announced that its board has adopted a policy to seek
stockholder approval within twelve months of adopting any future Rights
Plan with a stated term longer than 12 months.
"Since joining FirstMerit in May of 2006, my key priority has been
conducting a thorough and ongoing review of our Company in order to
initiate changes to lift our performance. Enhancing our corporate
governance policies and practices ensures stronger accountability to our
stockholders. This accountability will strengthen FirstMerit's solid
foundation and improve our long-term performance," said Paul G. Greig,
Chairman and Chief Executive Officer of FirstMerit.
About FirstMerit
FirstMerit Corporation is a diversified financial services company
headquartered in Akron, Ohio, with assets of $10.3 billion as of December
31, 2006 and 161 banking offices and 176 ATMs in 25 Ohio and Western
Pennsylvania counties. FirstMerit provides a complete range of banking and
other 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., and
FirstMerit Community Development Corporation.
Forward-Looking Statement
This release contains forward-looking statements relating to present or
future trends or factors affecting the banking industry, and specifically
the financial condition and results of operations, including without
limitation, statements relating to the earnings outlook of the Company, as
well as its operations, markets and products. Actual results could differ
materially from those indicated. Among the important factors that could
cause results to differ materially are interest rate changes, continued
softening in the economy, which could materially impact credit quality
trends and the ability to generate loans, changes in the mix of the
Company's business, competitive pressures, changes in accounting, tax or
regulatory practices or requirements and those risk factors detailed in the
Company's periodic reports and registration statements filed with the
Securities and Exchange Commission. The Company undertakes no obligation to
release revisions to these forward-looking statements or reflect events or
circumstances after the date of this release.
Analysts: Tom O'Malley
(330) 384-7109
SOURCE FirstMerit Corporation
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Related links:
http://www.firstmerit.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20070216/CLF003
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Tom O'Malley of FirstMerit Corporation,
+1-330-384-7109
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