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FirstMerit calls $73.67 million of Citizens trust preferred securities
By Angela McDaniels
Tacoma, Wash., Aug. 11 – FirstMerit Corp. announced the upcoming redemption of $73,666,875 of trust preferred securities.
To be redeemed are Citizens Funding Trust I’s $48,666,875 of 7.5% trust preferreds due 2033 and Citizens Michigan Statutory Trust I’s $25 million of variable-rate trust preferreds due 2066, according to a company news release.
The redemption date is Sept. 26.
Holders will receive 100% of the principal amount outstanding plus accrued interest.
FirstMerit, a financial services company based in Akron, Ohio, noted that holders of the Citizens Funding Trust I trust preferreds will receive the regularly scheduled dividend payment on Sept. 15.
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