FirstMerit completes conversion of 24 branches in Chicago, adds 4 more in FDIC-led takeover

FirstMerit completes Chicago branch conversion

AKRON, Ohio — FirstMerit Corp. on Monday said it completed the conversion of 24 Chicago branches over the weekend, and acquired four others in a government-led takeover.

FirstMerit switched 24 Chicago branches of First Bank to its nameplate on Saturday. Akron-based FirstMerit reached a deal in November to buy the branches from St. Louis-based First Bank. Regulatory approval for the deal came in January.

The acquisition included $1.2 billion in deposits and about $315 million in loans.

Separately, FirstMerit took over the four branches of George Washington Savings Bank from the Federal Deposit Insurance Corp. on Friday.

Orland Park, Ill.-based George Washington Savings bank was closed Friday by Illinois regulators and the FDIC was appointed receiver.

As of Jan. 30, George Washington Savings had about $393 million in deposits and $420 million in assets. The bank’s $330 million in loans will be subject to a loss-sharing agreement with FDIC.

George Washington customers can continue to use their old debit cards, credit cards and checks until they are replaced, the bank said. All the converted branches are open.

In midday trading, FirstMerit shares added 30 cents to $20.96.