Top Bank: FirstMerit Steers Smooth Course Through Industry Storm
JPMorgan Chase draws praise these days for having survived the U.S. banking crisis. But the financial giant has nothing on FirstMerit Corp. Who, you say? The publicly held banking company may be relatively anonymous, but it’s well-known to industry analysts, not to mention contented shareholders. FirstMerit, a midsize institution with $10.7 billion in assets, is one of a handful of banks that have continued to chug profitably along while competitors great and small try not to croak. FirstMerit, which has recorded 41 straight profitable quarters, is leaving just about every other U.S. bank in the housing-choked dust. Drawing on data from the FDIC, let’s look at several key bank metrics: 10.7 percent return on equity (industry average 2.2 percent) 1…
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