Soon after Paul Greig joined FirstMerit Corp. in 2006, he was facing the most challenging leadership obstacle in his career, a worldwide economic recession. Greig soon saw many of his peer banks posting tremendous losses quarter after quarter, with the financial industry struggling to find its footing.
Because of Greig’s decision to steer FirstMerit clear of sub-prime home lending and focus on smart lending practices, when the housing market crashed, the bank didn’t take a loss that many other banks did. Throughout the crisis, the bank continued its rigorous fiscal and credit policies, keeping it on sound financial ground and positioning it to stay strong as the economy improves.
As chairman, president and CEO, Greig has led FirstMerit in remaining profitable and continuing to be a source of strength for customers, employees, stakeholders and community members, in spite of the turbulent financial environment around him. The FirstMerit banking model is designed to better serve customers by letting bankers make credit decisions at the local level, allowing customers to deal directly with advisers they know and trust. Greig has always emphasized the advantage of small banks, bringing them together to leverage the resources of big banks but delivering with local channels and services.
FirstMerit has continued to expand its reach due to Grieg’s ability to spearhead successful mergers and acquisitions. In 2009 and 2010, he led FirstMerit to complete a series of acquisitions to enter the growing financial market of Chicago. The company added 450 employees in Chicago, and other support positions in Northeast Ohio, and moved from having no position in Chicago to 13th in terms of deposits.
And while organic growth is a priority, Greig makes sure FirstMerit grows in a way that promotes strong customer relationships, sound business banking fundamentals and great local service.
How to reach: FirstMerit Corp., (330) 384-7075 or www.firstmerit.com
