FirstMerit Corp. posted a considerable jump in wealth management income in the second quarter of 2013, the Akron, Ohio-based financial services company announced Tuesday.
FirstMerits trust business generated $9.2 million in income in the second quarter, up 60% year-over-year. Income from investment services and insurance increased 43% to $3.4 million over the same period.
The jump was due to FirstMerits acquisition of Citizens Republic Bancorp in April. Citizens provided trust and financial planning services to a broad client base, according to a press release from FirstMerit.
For the first six months of 2013, trust services generated $14.9 million, while investment services and insurance generated $5.8 million, up 31% and 26%, respectively, from the mid-year mark last year.
Overall, FirstMerit earned $48.5 million in profit in the second quarter, up from $30.6 million earned in the second quarter of 2012.
FirstMerits strong second quarter financial results continued to reflect profitable growth. We completed our acquisition of Citizen on April 12 and introduced the FirstMerit brand to our new branch locations in Michigan and Wisconsin in June. As a combined company, we are now focused on taking advantage of the many revenue growth opportunities we see across our Midwest footprint, Paul Greig, chairman, president and CEO of FirstMerit, said in a statement.