FirstMerit Corp. (FMER) announced Thursday morning that it agreed to acquire Citizens Republic Bancorp (CRBC) in a stock-for-stock transaction, with a total value of approximately $912 million.
FirstMerit gapped open sharply lower Thursday and declined until mid-morning. The stock closed down by 1.93 at $15.23 on the highest volume of the year. FirstMerit sank to a 3-month low and fell below both its 50 and 200-day moving averages.
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