matters
VOLUME 3, ISSUE 4
®
INSIGHTS FOR BUSINESS & LIFE
SECURELY
FASTENED
MID-STATES BOLT AND
SCREW GREW FROM SELLING
MAIL-ORDER WOOD SCREWS
INTO A MULTISTATE EMPIRE
plus:
(L to R) Matt Somers, Vice President,
Scott Somers, President and
Marc Somers, Vice President
BUSINESS HOW MAGLINE CONTINUES TO INNOVATE
STRATEGY MITIGATE THE RISKS OF A CYBERATTACK
Legacy
William
*
Family is a top priority for us. Which is why we want to know that the
decisions we make now will ensure a bright future for us, our children
and our grandchildren. Our FirstMerit Client Advisor understands our
aspirations and helped us develop a long-term investment plan. He also
helps us manage our day-to-day banking needs so we can focus on what’s
important. We have peace of mind knowing our legacy will live on.
TO L E A R N MOR E A B O U T
F I R S T M E R I T P R I VA T E B A N K , C O N T A C T :
Brad Fogleman, PrivateBank Team Lead,
at 810-424-3070 or brad.fogleman@firstmerit.com.
Follow the latest market trends
@firstmerit_mkt
*William reflects a composite of clients with whom we’ve worked; he does not represent any one person.
Non-deposit trust products are not insured by the FDIC; are not deposits or obligations of FirstMerit Bank, N.A, or any of its affiliates; are not
guaranteed by FirstMerit Bank, N.A or any of its affiliates; and are subject to investment risk, including possible loss of principal invested.
Member FDIC
4011_FM15
>>>
FIRST WORD
Business concerns
T
he economy across the Midwest
continues its modest but steady
improvement, and I hope your
IT’S GOOD TO
business is feeling the positive effects of
KNOW THAT YOUR
that steady upswing. I also hope you’ve
FINANCIAL PARTNER
been taking advantage of the vacation
season that is winding down, getting
IS THERE FOR YOU
away from the office for a well-deserved
YEAR-ROUND WITH
break and personal battery recharging.
If you’re like me, though, you never
completely disconnect from your work.
All too often, concerns about the
SOLUTIONS TO YOUR
CHALLENGES.
business bubble their way up to top of
mind when you should be out relaxing
and having fun. It’s good to know
marketing officer, useful as she details
that your financial partner is there for
how individuals and businesses can take
you year-round with solutions to your
advantage of our online and mobile
challenges. If cybersecurity and concern
Money Movement services.
about your business’s vulnerability are
We have plenty of other great articles
on your mind, we can offer some food
in this issue, all focused on helping you
for thought. In this issue of MeritMatters,
make the most of your business, your
Scot Pflug, FirstMerit’s chief information
time and your money.
security officer, walks you through
Thank you for reading MeritMatters.
some useful tips for minimizing risk of a
We look forward to working with you to
cyberattack at your company.
help you meet your financial goals.
PAUL
GREIG
Whether you’re sneaking in a little
work while relaxing at the beach,
hiking the trails, having a comfortable
PHOTO BY JESSE KRAMER
staycation or forgoing vacation
altogether, we’ve made it easier than
ever to transfer funds between your
FirstMerit accounts and those at other
financial institutions from your mobile
Paul Greig
Chairman, President and
Chief Executive Officer
FirstMerit Corp.
device or computer. I hope you’ll find
the article with Julie Tutkovics, our chief
MeritMatters® • 3
FIRST WORD
>>>
matters
®
D AVI D
L OC HN E R
T O DD
G R E G O RY
GREG
V I ENER
VOLUME 3, ISSUE 4
PUBLISHER
MICHAEL MARZEC
MANAGING EDITOR
TODD SHRYOCK
CONTRIBUTING EDITORS
ERIK CASSANO, SUE OSTROWSKI,
DAVID SEARLS
ART DIRECTOR
STACY VICKROY
Meeting market demands
A
s the economy continues to grow,
many businesses are not only
surviving but thriving. In this issue
of MeritMatters, we share the stories of
mid-Michigan businesses that are continuing to innovate to meet market demands
and making the region a better place to live
and work.
We talk with the three Somers brothers, owners of Mid-States Bolt and Screw,
who have grown the company their father
founded into a multistate empire. In 1972,
Herbert Somers founded the company as a
distributor of packaged wood screws, primarily sold via mail-order forms in boating
magazines. Today, his sons, Marc, Scott and
Matt, run the regional giant that has eight
distribution centers in Michigan, Ohio and
North Carolina.
We also speak with Bruce Law, CEO of
Magline, which is known for its distinctive
David Lochner
President
Michigan
FirstMerit Bank
4 • MeritMatters®
hand trucks but has evolved to provide
material handling solutions that drive
cost savings and efficiency. In its nearly 70
years in business, the company has earned
its working-class hero status by helping
prevent injury, controlling health care costs
and cutting workers’ compensation claims.
And we learn about how Shelter of Flint
provides an important stop along the continuum of care in Genesee County. Director
of Development Liz Ruediger explains how
the organization offers comprehensive
case management, from housing to job
training, literacy assistance and health care
programs.
We hope you enjoy this issue of
MeritMatters about how businesses and
nonprofits are succeeding in mid-Michigan
and take away some tips about how to
succeed in your own business. We’d love to
hear what you think.
Todd Gregory
Community President
Saginaw, MI
FirstMerit Bank
Greg Viener
Community President
Flint, MI
FirstMerit Bank
PROJECT MANAGER
KATE CASTROVINCE
COVER PHOTO: TOM MCKENZIE
IF YOU WOULD LIKE TO RECEIVE FUTURE
ISSUES OF MERITMATTERS®, EMAIL US AT
FM.MAGAZINE@FIRSTMERIT.COM.
MERITMATTERS® IS PUBLISHED BY
SBN INTERACTIVE, 835 SHARON DRIVE,
SUITE 200, WESTLAKE, OH 44145,
(440) 250-7000.
MeritMatters® is solely intended for general
information purposes. It is not intended to
provide – nor should it be used in lieu of –
financial, accounting, legal or other professional advice. It does not constitute a
recommendation to buy or sell any security or
adopt any investment strategy. The publisher
assumes no liability for readers’ use of the
information contained herein. The information was obtained from sources believed
to be reliable, but such information is not
guaranteed as to its accuracy. Readers should
seek professional assistance with regard to
specific matters. All opinions expressed in
MeritMatters® are those of the authors or
sources and do not necessarily reflect the
views of FirstMerit Bank or FirstMerit Corp.
Securities and Insurance products are:
Not FDIC insured. May lose value. No bank
guarantee. Not a deposit. Not insured by any
federal or state government agency.
matters
®
VOLUME 3, ISSUE 4
table of contents
14
Cover
How Mid-States Bolt and Screw grew
into a multistate empire
6
13
Ask the Expert
Business Matters
How Magline has increased
productivity and improved safety
Briefs .................................................................. 9
Events, highlights and attractions
Ask the Expert . ................................................10
– Understanding the new chip-enabled credit card rules
– How to mitigate the risk of a cyberattack at your business
Services give businesses financial
convenience and control
Personal Finance .............................................12
Benefits of an expanded FirstMerit
PrivateBank relationship
Investments ......................................................20
Millennials: Smartphones, skinny jeans,
and a $30 trillion inheritance
Community . .....................................................22
Shelter of Flint serves the homeless
of Genesee County
MeritMatters® • 5
BUSINESS MATTERS >>>
WORKING CLASS HERO
How Magline continues to innovate its distinctive hand trucks
to increase productivity and safeguard the health of material handlers
6 • MeritMatters®
“IF WE CAN SOLVE ONE
CUSTOMER’S PROBLEM,
CHANCES ARE THAT WE’RE
DEVELOPING A PRODUCT
THAT WILL HAVE BROADER
MARKETPLACE APPEAL.”
– GREG ECKER, PRESIDENT, MAGLINE
steel, we can reduce fatigue and the risk of injury.”
That’s where the red-striped Magliner earns its working-class hero status in helping prevent injury, controlling
health care costs and reducing workers’ compensation claims.
THAT FAMILIAR RED STRIPE
Some companies have a brand awareness and market penetration that is so strong that customers know their product
at a glance. The distinctive vertical red stripe that sets apart
Magline material handling products is as well known within
the industry as Kleenex and Coke are to consumers, says
Ecker. That defines industry leadership, but it also poses risks.
“It’s not uncommon for us to be at a customer’s location
and ask what he’s currently using and he tells us, ‘It’s a
Magliner,’ and points out something that’s not one of ours,”
Ecker says.
Imagine the hit to the Magliner brand in that customer’s
mind when the copycat product inevitably fails. Oftentimes,
the brand confusion is no innocent mistake.
“There are competitors who try to get close to our red
stripe by dancing on the perimeter of trademark infringement,” says Ecker.
While imitation may be the highest form of flattery, it
can keep trademark attorneys busy. And it will continue
to do so, as that red stripe still has plenty of territory to
conquer.
“International sales are low but growing,” says Law.
“We’ve got a solid presence in Canada and the U.K., and
good distribution in Israel, Australia, Chile and a few other
countries, but there’s room for growth.”
continued on page 8
PHOTOS BY TOM MCKENZIE
“C
hange is always a challenge. It took
some time for acceptance.”
Magline CEO Bruce Law is talking
about customer reaction to the introduction of Magliner hand trucks of magnesium construction when his father started the company in 1947. But he
could just as easily be discussing the reaction to almost every
innovation Magline has introduced over the last 70 years. In
that time, the company has introduced many innovations,
from self-stabilizing hand trucks and powered stair-climbers
to Magliners with hand brakes and material handling tools
that interact with automated warehouses.
Law’s father, Don, was an engineer who got involved
with magnesium in aircraft design during World War II
and saw its benefits in a booming post-war economy. It had
distinct advantages over the steel and wood construction of
existing hand trucks.
“It was a revolutionary change,” says Law. “Magnesium
was much more lightweight, it wouldn’t rust and it lent itself
to component design that facilitated easy parts replacement
and interchangeability.”
Magliner two-wheel hand trucks were ideal for the route
delivery business, where the company’s initial emphasis was
on moving food, beverages and parcels. Later, Magline’s
markets expanded to manufacturing and distribution, and
magnesium yielded to aluminum construction. But it was
never easy showcasing the latest disruptive technology.
“Every time you introduce something better, cheaper
and stronger, the marketplace reacts with resistance to that
new value proposition,” says Greg Ecker, the company’s
president.
That’s also true outside of Magline, he says, pointing to
newer editions of the Ford F150 as an example.
“They’re shifting from steel to a product we’ve used for
50-some years, and there’s resistance among their customers
because it’s ‘new,’” he says.
While enhanced productivity is a major selling point, the
story doesn’t end there.
“It’s also about offering a safer tool, one that can prevent back injuries,” says Ecker. “Companies today have risk
management people, safety personnel, OSHA compliance
people, ergonomists, etc. The value proposition of our tools
affects profit and loss in a number of ways. If we can provide
a 20-pound aluminum hand truck instead of 60 pounds of
BY DAVID SEARLS
(L to R) Greg Ecker,
President & COO, and
Bruce Law, Chairman &
CEO, Magline
MeritMatters® • 7
continued from page 6
continued from page 6
CUSTOMER INTIMACY
Law says his company’s reputation for problem solving has
evolved to the point where customers approach Magline with
their challenges and ask the company to solve them. One
recent example comes from a leader in linen distribution.
“It was an ergonomic challenge,” says Ecker. “They handle garments and didn’t want their drivers moving anything
that weighed more than 30 pounds for more than 30 yards
because they were hurting wrists and backs.”
So Magline spent 12 months riding along with drivers
and meeting with ergonomists before its engineers were set
loose on the challenge.
“We came up with a convertible hand truck to move
garments on hangers,” says Ecker.
The new product, made with innovations to an existing
platform to redistribute the weight, was prototyped and
tested in the field before the customer bought thousands of
what’s now called the Gemini Bulk Container Edition.
That’s one example of how Magline engineers address
very specific customer challenges with innovations that can
then be extended to a larger market segment.
“Customer intimacy gives us unique insights into the
users of our products, and it’s a catalyst that fuels and drives
our innovation process,” says Ecker. “If we can solve one
customer’s problem, chances are that we’re developing a
product that will have broader marketplace appeal.”
THE EVOLUTION OF INNOVATION
In the past, beverage deliveries were typically for large
quantities of two or three products instead of the multitude
of options available today. The process started with the store
manager telling the delivery salesperson what he wanted;
the delivery driver returned to his truck, loaded the order
from the truck onto sturdy Magliner two-wheel hand trucks
and placed the product on store shelves. Ecker refers to this
as Stage One of the innovation cycle.
Stage Two occurred when warehouses became automated, and Magline developed sophisticated bulk delivery hand
trucks that could be filled and shrink wrapped by warehouse
workers and loaded onto trucks. The driver no longer
needed to do order-picking — the selection and loading of
requested products — at the store. Instead, the driver rolled
pre-loaded hand trucks specific to each customer off the
truck and unloaded inside.
Stage Three is the latest and most ambitious cycle of inno8 • MeritMatters®
vation, and it involves a complete delivery system that works
with automated warehouses. This cart and half-pallet system
offers higher capacity loads, meaning fewer trips from truck to
store, pre-built orders improving order accuracy and quicker
check-in. Furthermore, the driver only needs to touch the
delivery when it’s time to bring the order into the store. The
half-pallets allow for easy floor displays because the driver only
needs to remove the shrink wrap and add signage.
The last two cycles of innovation have multiple advantages for the driver. Because orders are filled at the warehouse,
there’s no time spent laboriously picking orders from the
truck. Order questions are addressed between store and warehouse. The driver avoids heavy lifting and exposure to weather and insecure environments while loading hand trucks.
But even with all of the innovation, Magline continues
to offer all three stages of technology, with a full array of
customer price and convenience options.
Innovation at a growing company requires the right
financial partner, and FirstMerit Bank has been part of the
Magline story for about 25 years.
“We use FirstMerit for cash management services, credit
card processing, lines of credit, any service we need from
a bank,” Law says. “The key factor for us was their great
customer service and understanding of our business in a
hands-on way.”
Magline CFO Alan Martin recalls one moment in particular that sums up, for him, the strength of the relationship.
“I was in need of support and I called FirstMerit banker
Dave Green on his cellphone,” Martin says. “He answered
from the top of a ski slope in northern Michigan. It always
stuck with me that Dave took the call and helped me out on
his vacation.”
It’s a relationship FirstMerit cares deeply about. But then
who wouldn’t want to support a red-striped, working class
hero? u
For more information: www.magliner.com
>>>
BRIEFS
FLINT & SAGINAW EVENTS,
HIGHLIGHTS AND ATTRACTIONS
EDVARD MUNCH EXHIBITION
TOP LEFT PHOTO CREDIT: YALE UNIVERSITY ART GALLERY
Through Sept. 6 / Monday to Wednesday
noon to 5 p.m., Thursday and Friday noon
to 7:30 p.m., Saturday 10 a.m. to 5 p.m.,
Sunday 1 p.m. to 5 p.m.
$7 adults, $5 seniors and students with ID,
free Saturdays, sponsored by FirstMerit
Bank
Flint Institute of Arts, 1120 East Kearsley
Street, Flint
(810) 234-1695
www.flintarts.org/exhibitions/upcoming/
edvardmunch.html
Most famously known for his painting The
Scream, Edvard Munch’s graphic work is an
integral part of his oeuvre. With more than
25 works on paper, this exhibition includes
lithographs, woodblocks, etchings, drawings,
drypoint, and intaglio by the Norwegian
artist.
2ND FRIDAY ARTWALK:
MALE QUILTERS
Sept. 11 / 6 p.m. to 9 p.m.
Free
Downtown Flint
(810) 238-2787
www.geneseefun.com/event/
detail/441911308/2nd_Friday_ArtWalk_Male_
Quilters_Exhibition_curated_by_Roy_Mitchell
Downtown business, galleries, churches and
eateries come alive as people walk from venue to
venue looking at and appreciating the offerings
of music, puppetry, Renaissance exhibitions,
fashion and others.
GREAT LAKES GATHERING –
IRISH FESTIVAL
BACON & BEER
FESTIVAL
Aug. 22 / Gates open 10:30 a.m.
$12, 12 and younger free
FirstMerit Bank Event Park, 300 Johnson
St., Saginaw
(989) 759-1330
www.greatlakesgathering.com
The Gathering features traditional and
contemporary Irish music, dancers, storytellers, workshops in music, dance and Irish
language, shopping, food vendors, pub
tent and whiskey tastings.
Sept 19 / 4 p.m.
$20
FirstMeritBank Event Park,
300 Johnson St., Saginaw
(989) 759-1330
www.doweventcenter.com/
firstmeritbank/
The first Bacon & Beer Festival
features bacon appetizers,
finger foods and craft beers.
JAPAN FESTIVAL
Sept. 13 / 1 p.m. to 4 p.m.
Free, $8 for traditional tea ceremony
Japanese Cultural Center, Tea House and Gardens of Saginaw, 527 Ezra Rust Drive, Saginaw
(989) 759-1648
www.japaneseculturalcenter.org
Enjoy the foods, sights, sounds and traditions
of Japan. Play traditional games, taste sushi and
try your hand at Japanese calligraphy. There are
also performances of tai chi, taiko drummers
and kendo.
MeritMatters® • 9
ASK THE EXPERT >>>
IN THE CARDS
D ALE R. FI T Z
Vice President,
Bankcard Product
Manager
T IM ROM I CK
Vice President,
Merchant Bankcard Risk
Operations Manager
A
round the globe, the credit card industry has been
working to find ways to reduce fraud through technology improvements and new industry rules that
may encourage faster adoption of the new technology.
The technology switch is toward the adoption of Europay, MasterCard and Visa (EMV) cards — cards with an
embedded chip on the back that replaces the magnetic strip.
“While it’s easy to copy information from a magnetic strip
card and rewrite it to another card, the same is not true for
chip cards,” says Dale Fitz, vice president, bankcard product
manager. “Chip cards are encrypted and can’t be copied.”
EMV cards are already widely used in Europe, Asia and
other parts of the world. But while the rest of the world
has made the shift, the U.S. has lagged behind, with only
about 20 million chip cards in use out of about 400 million
accounts. Now, as a result of several recent data breaches at
major retailers, the U.S. is making the switch in an attempt
to reduce fraud. “We are the last major country in the world
that is not EMV ready,” Fitz says.
The majority of U.S. credit card issuers still issue cards
with magnetic strips, and most merchants still accept them.
But starting in October 2015, issuers and merchants that
continue to do so assume liability for counterfeit transactions with the payment network’s liability shift, says Fitz.
Issuers and merchants aren’t required to make the
switch, but if they don’t, they will be liable for fraudulent
charges. If an issuer has issued chip cards and a merchant
doesn’t have chip card readers, the merchant is responsible
for any fraudulent charges. Alternatively, if a merchant has
a chip reader and the issuer hasn’t issued chip cards, the
issuer is responsible for any fraud.
10 • MeritMatters®
“Whoever has the highest level of security wins the
dispute,” Fitz says.
In both situations, either the merchant or the issuer, not
the user, is responsible for fraudulent use.
With chip cards, consumers insert the card into a reader,
where it stays until the transaction is completed, and enter
a PIN number to confirm their identity, says Susie Brindza,
senior vice president and director of the Merchant Bankcard
Division at FirstMerit Bank.
“The chip performs a risk assessment, the terminal does an
assessment and the issuer has an encryption cryptogram that
validates the card,” she says. “Chip cards add two new authentication elements, carrying their own verification code and also
generating a dynamic cryptogram, a digital signature so the
issuer can make sure the card and the transaction are valid.”
And if fraud is detected, the terminal can lock down
the card.
While the system offers a much greater degree of
security for card-present transactions, the change will be
expensive for both the issuer and the merchant.
“The issuer’s costs more than double, because not only
do they have to buy the plastic, they also have to buy the
chip that is embedded in the plastic,” says Fitz.
Merchants need to consider purchasing EMV-capable
terminals and software that can accept the change to a
smart-card format in order to protect themselves in the new
card-present environment.
In every country that has converted to chip cards,
card-present fraud has been reduced 80 to 85 percent, says
Tim Romick, vice president, merchant bankcard risk operations manager at FirstMerit. But the use of chip cards won’t
eliminate fraud.
“Fraud will go into the card-not-present space,” says
Romick. “Fraud will be rerouted to mail order, phone and
ecommerce, and we’re going to see an exponential increase
in that space. It is incumbent on merchants who accept
transactions to understand the risks in those other channels
and take steps to protect themselves.” u
Contact Susie Brindza at (330) 849-8965 or
Susie.Brindza@firstmerit.com, Dale Fitz at (330) 996-6439 or
dale.fitz@firstmerit.com or Tim Romick at (330) 849-8910 or
tim.romick@firstmerit.com.
PHOTOS BY JESSE KRAMER
Understanding the new EMV (chip-enabled)
credit card rules
>>>
ASK THE EXPERT
PLAYING IT SAFE
How to mitigate the risk of a cyberattack at your business
SCOT
PFLUG
Chief Information
Security Officer
PHOTO BY JESSE KRAMER
N
o matter the size of your company, it is vulnerable
to cyberattacks, says Scot Pflug, chief information
security officer at FirstMerit Bank.
“Mid-sized and smaller companies are generally easier
to infiltrate because they typically don’t have sophisticated
prevention and detection capabilities, but that doesn’t mean
that larger corporations aren’t at risk, too,” says Pflug.
Cybersecurity is not just an IT issue; it is an enterprise
risk everyone must understand.
“This is a business risk like credit, liquidity and operational risk, and it takes a full understanding of the potential
impact of the risk to get the right level of attention to fund
and identify mitigating activities to combat it,” says Pflug.
The most effective way to mitigate risk is education.
“Most attacks are attempted through social engineering
and phishing to trick unsuspecting users into providing information, data or passwords to hackers by clicking on a link
that grants access,” says Pflug.
Here are steps to mitigate the risk of a cyberattack at your
business.
• Educate employees about unexpected email
or telephone requests. For example, an employee
receives an invoice via email. She doesn’t remember
ordering anything but clicks on a link or opens the
attachment because she wants to be helpful. “She has
just inadvertently let the bad guys in,” says Pflug.
• Install virus and malware protection, and keep it
current. Too many companies install it and forget about
it, but it’s critical to stay current on virus and malware
protection updates, and operating system security patches.
Older versions of software are particularly vulnerable
because vendors are no longer releasing new patches.
• Limit administrative rights. Businesses commonly grant these privileges to employees, but that’s a
mistake. “Not allowing users to log in with administrative privileges reduces the capability for malware to be
installed,” says Pflug.
• Use a dedicated machine for Internet banking
activities. If you receive email or perform other browserbased activity and have clicked on a malicious link or
attachment and then go to a banking site, a lurking hacker
can steal your user name and password or take over the
session with the financial institution. A dedicated machine
reduces the likelihood of this type of an attack.
• Create a phishing campaign. A vendor can create a
fictitious phishing email and then monitor clicks. Employees who click on it are notified the activity is indicative of
a phishing attack, and had this been real, a hacker would
now have access to data. The user is then instructed to
take a short online training course. Repeated tests should
result in declining click-through rates.
• Restrict the flow of outbound information from
the network. If an attacker gets into the environment
but doesn’t have an easy way to steal valuable information,
it reduces the hacker’s effectiveness and adds to the methods in which detection of activity is possible.
In addition, FirstMerit offers IBM’s Trusteer, allowing customers to connect to its online banking with monitoring that
alerts the user to password stealing, malware, session hijacking
and other malicious activity. The service is free to FirstMerit
e-Connect® customers and is available by clicking through the
pop-up on our website or downloading from IBM directly at
https://www.trusteer.com/support/rapport-installation-links.
“Security is never perfect; that’s impossible,” says Pflug.
“The goal is to minimize risk and mitigate the impact by
being secure and vigilant and having the right resiliency.” u
Have questions on this topic? Call (888) 554-4362.
MeritMatters® • 11
PERSONAL FINANCE
>>>
A NEW WAY TO BANK
Benefits of an expanded FirstMerit PrivateBank relationship
uccessful relationships require a financial partner that offers
flexibility — specifically,
the ability to adapt to
your changing needs
and provide customized solutions to assist
you in achieving your
goals. Working with our
FirstMerit PrivateBank
Advisors, you can select
the perfect suite of
products to address your
situation, whether you
Lorrie Shaffer,
have simple day-toSenior Vice
day banking needs or
President, National
require a more complex
Private Banking
financial solution.
Practice Lead
We spoke with
Lorrie Shaffer, senior
vice president, national
private banking practice
lead, to understand the
benefits of developing a
private banking relationship, as well as some recent changes
to the FirstMerit PrivateBank product suite.
What are the benefits that come with an expanded
FirstMerit PrivateBank relationship?
One of the key benefits of a relationship with the FirstMerit
PrivateBank is the relationship with our advisors. We get
to know you, including your short-term banking needs and
long-term financial plans. With that knowledge, we help you
select the right products to address your individual needs
without overcomplicating the relationship. Depending on
the product selections, there may also be tangible benefits,
like higher interest rates for select checking and savings accounts, and relationship-based credit pricing on select credit
products. Many clients have taken advantage of our flexible
construction and mortgage products to secure their dream
home, quite often with lower down payments than they
anticipated.
Whether it’s banking, trust and estate planning, investment management or loans, each client advisor and private
banker has immediate access to a team that can cover all
financial areas of your life. Our goal is to make life simpler,
more convenient and less stressful for our clients by providing them with personalized service and expert advice gained
from years of experience working with clients that have
similar financial situations and needs.
12 • MeritMatters®
What products have changed and what are the
new benefits?
We have enhanced our Consolidated Financial Management Account (CFMA) the exclusive FirstMerit PrivateBank checking account, which offers a sweep option and
consolidated statement — all with no minimum balance
requirement. Your FDIC-insured CFMA checking is an
interest-bearing account with the flexibility to sweep idle
account balances (taxable and nontaxable) into your choice
of noninsured investment options. CFMA account holders
also receive one consolidated statement, allowing them to
see their total FirstMerit account relationships at a glance
instead of on multiple statements. Additionally, this account
has no minimum balance requirement, making it ideal for
clients who choose not to keep a large balance in their dayto-day checking account. Along with the CFMA, FirstMerit
offers the Premier Savings account, which allows FirstMerit
PrivateBank clients to take advantage of the best rates,
earning a higher interest rate on all balances.
Our new offerings provide increased flexibility. With the
FirstMerit PrivateBank credit card, our clients have the ability to make purchases worldwide and have one of the lowest
interest rates available. In addition, clients earn reward
points on all qualifying purchases and are able to redeem
points for travel, merchandise, tickets and much more. The
new Signature Line of Credit also offers flexibility when clients need access to funding for special projects or purchases.
Finally, FirstMerit PrivateBank lending solutions are
tailored to fit each individual’s needs. With a wide array of
lending options available, we can create customized lending
solutions, including secured and unsecured lines of credit.
Our goal is to fully understand the big picture for our clients
because, oftentimes, the right solution is a combination of
products, and by knowing our clients, we are able to provide
options better suited to their needs.
How can clients take advantage of these
enhancements?
If you are a Commercial Client, please contact your banker
and ask for an introduction to a FirstMerit PrivateBank
Client Advisor. Private banking is a journey with our client,
not just a moment in time. A private banker should be your
go-to person, the first call you make when you need banking
advice, guidance and solutions. u
Reach Lorrie Shaffer at (330) 849-8754 or
lorrie.shaffer@firstmerit.com.
Banking and deposit products are offered by FirstMerit Bank,
N.A. Member FDIC and Equal Housing Lender. Lending products are subject
to credit approval.
PHOTO BY JESSE KRAMER
S
>>>
ASK THE EXPERT
MONEY MOVEMENT
FirstMerit online services offer businesses financial convenience and control
JULIE
TUT K O V I C S
Executive Vice
President and Chief
Marketing Officer
TOP LEFT PHOTO BY JESSE KRAMER
K
eeping track of financials is a key function for
successful businesses. With a variety of important
banking functions available online and via mobile
devices, banking availability has expanded outside the
walls of a building and beyond traditional business hours
for consumers and business owners alike. “Transactions
such as check deposits, paying bills and transferring money
between financial institutions can now be done on the
go — saving both time and money,” says Julie Tutkovics,
executive vice president and chief marketing officer at
FirstMerit Bank.
“A wave of technology has enabled individuals and businesses to have their financial information at the tips of their
fingers, and with online and mobile banking, they can have
complete control over their finances. It also allows them to
optimize their relationships with banks to make sure they
understand their full financial picture.”
The below services help businesses operate seamlessly,
providing business owners with convenience and control.
• Online bill pay allows you to pay an unlimited number
of bills online, saving you the time and expense of writing checks, paying for stamps and making trips to the
post office. With online bill pay, you can view and pay
bills from any Internet connection, schedule monthly
payments and stay in control of your finances with
account alerts.
• Mobile deposit allows you to deposit checks from your
smartphone rather than making a trip to a branch or
ATM. You can also access account balances and transaction history and pay bills from the palm of your hand.
• Transfer funds between your business and personal
checking, savings and money market funds using
business online banking.
“FirstMerit is adding functionality to both online banking
and mobile banking to deploy services throughout multiple
channels to create additional accessibility and efficiency for
our business customers,” says Tutkovics. “The goal is to create
convenient and seamless access to meet the business owner’s
financial needs.”
In addition to doing their banking online, businesses can
also easily move money both among their FirstMerit Bank
accounts and between FirstMerit accounts and those at other
financial institutions through the bank’s external transfer
service. Once you establish a link with an external account,
you can transfer money either on a one-time basis or set up recurring transfers. For example, if a small business has multiple
banking relationships, it can link all of those accounts using
FirstMerit as a hub and seamlessly manage cash flow to pay
bills, move a large deposit or transfer money to savings.
“This is a secure environment and the wave of the future
for businesses to do the vast majority of their banking online
or via a smartphone,” Tutkovics says. “It makes routine transactions more convenient and less time consuming.” u
Contact Julie Tutkovics at (330) 384-7009 or
julie.tutkovics@firstmerit.com.
MeritMatters® • 13
SECURELY
FASTENED
MID-STATES BOLT AND
SCREW GREW FROM
SELLING MAIL-ORDER
WOOD SCREWS INTO A
MULTISTATE EMPIRE
BY ERIK CASSANO
14 • MeritMatters®
PHOTOS BY TOM MCKENZIE
I
n 1972, Herbert Somers was a partner
in a fastener distribution company with
a conservative growth philosophy. The
company had a customer base and core
products, and it didn’t want to deviate from
that to serve new markets.
Somers, however, had a bigger-picture
view and tried to encourage the company’s
other leaders to expand into markets that were
growing. When that didn’t work, he realized
he’d come to a fork in his career road: Stay the
course with a company that wasn’t looking to
grow, or branch out on his own.
Somers chose the latter and founded what
would become Mid-States Bolt and Screw in
his basement.
(L to R) Marc Somers, Vice President,
Scott Somers, President and
Matt Somers, Vice President
MeritMatters® • 15
Since the late ’90s, Mid-States has been
run by Somers’ three sons — Scott, the
company’s president; Matt, a vice president
and branch manager of the company’s
headquarters; and Marc, vice president of
sales.
“Our dad saw a lot of potential in the
local markets, and he was willing to take
risks,” Scott Somers says. “We really admire
and respect the risk he took in leaving a stable job, a company where he was a partner,
to start from scratch. He laid it all on the
line to realize his vision.”
Herbert Somers began as a distributor
of packaged wood screws, primarily sold
via mail-order forms in boating magazines.
From there, he and his sons have grown
Mid-States into a regional giant, with eight
distribution centers in Michigan, Ohio and
North Carolina. But even with the vast
expansion of the company, the Somers
brothers have never forgotten the lessons
taught by their father, who died in 2001.
16 • MeritMatters®
“We all have a great work ethic, and
that’s due to our dad,” Scott Somers says.
“He was always a workaholic, and that
rubbed off on us. We learned at an early
age the value of a dollar, how to compete in
the world of business, and above all, how to
provide great customer service.”
CUSTOMER FOCUSED
Starting from wood screws as its single
inventory item, Mid-States has grown its
inventory to include approximately 142,000
different fastener products. From bolts to
screws, nuts, washers and virtually every
other type of fastener, Mid-States desired
to become a one-stop shop for all of its customers — and to have the product on hand,
ready to ship, on demand.
It’s an approach that takes a significant
amount of investment in inventory and
shipping services, but it’s essential to providing great customer service, and customer
service is Mid-States’ differentiator in the
marketplace. It’s part of the cultural foundation built by Herbert Somers and continues
to be maintained by his sons.
“These days, so many people don’t want
to carry inventory because it costs money
to keep stock on hand,” Scott Somers says.
“But we see it as an essential part of our
ability to serve customers. It’s why our customers come to us — we can get them what
they need, when they need it. We have the
items they need on hand — we don’t order
from our vendors when our customers order
from us.”
Of course, having product on hand
doesn’t mean a whole lot if you can’t get
the product to your customers, which is why
investment on the shipping side has been
equally important.
“We still have our own fleet of trucks,
and we’ll deliver every day, free of charge,”
Matt Somers says. “That’s an approach that
doesn’t seem to be that popular around the
industry anymore, so it’s a way we try to go
the extra mile for customer service.”
Maintaining an in-house truck fleet is
one critical element to having a responsive
distribution network. But trucks only satisfy
customers and drive revenue when they’re
on the road, and that means providing your
delivery fleet with warehouse hubs that
position the trucks for prompt deliveries no
matter where the product is going.
It’s why Mid-States has invested its largest amount of capital in the construction
and acquisition of new warehouse facilities
that have allowed the company to expand its
footprint. In Michigan, Mid-States operates
locations in Flint, Saginaw, Lansing, Gaylord, Niles and Shelby Township. Outside
the state, the company operates facilities in
Perrysburg, Ohio, and Statesville, N.C.
The North Carolina facility represents
something of a departure for Mid-States. As
the company’s name indicates, the Somers
family has been primarily focused on Midwestern growth for most of the company’s
history, building out a long and loyal roster
of regional customers.
But in 2009, the brothers discovered an
opportunity to purchase the facility of a
struggling fastener company in North Carolina and came to the collective decision that
the time was right to expand the company’s
footprint beyond the upper Midwest.
“We are devoted to our existing customers, but at the same time, we realized that
diversification can help keep the business
healthy over the long haul,” Marc Somers
says. “It was a departure for us to move that
far south, but we felt it was a good opportunity for the company.”
EXPANDING THE REACH
It’s been said that there are three ways
to grow a business: Sell new products to
existing customers, sell a larger quantity of
existing products to existing customers, or
sell existing products to new customers.
For more than 30 years, Mid-States
survived and thrived by adhering to the
first two methods. But with the expansion
into North Carolina, the company’s leaders
began to embrace the third option.
It was an acknowledgement on the part
of the Somers brothers that their business
needed to diversify in every way possible.
Whether it means finding new customers, or
finding new ways to serve existing customers
any company in a space like Mid-States has
to constantly look out for new ways to serve
customers, both new accounts and longstanding partners.
“We’ve long had a diverse customer base
as far as the industries we’re selling to,”
Matt Somers says. “We serve customers in
forestry, aftermarket automotive, agriculture, capital equipment, construction,
office furniture, outdoor products — not
“IT’S WHY OUR CUSTOMERS COME
TO US — WE CAN GET THEM WHAT
THEY NEED, WHEN THEY NEED IT.”
– SCOTT SOMERS, PRESIDENT,
MID-STATES BOLT AND SCREW
MeritMatters® • 17
“IT’S ALL ABOUT KNOWING
WHAT WE’RE GOOD AT AND
USING THAT TO HELP GROW
THE BUSINESS.”
– MATT SOMERS, VICE PRESIDENT,
MID-STATES BOLT AND SCREW
to mention the military. The great thing
about the products we provide is that they
have countless uses. Everybody needs bolts,
screws and so forth.”
With a line of products that can be sold
into a multitude of markets, the opportunities
for diversity and expansion are numerous.
That means the Somers family has to be careful regarding which growth channels to pursue. That’s why the acquisition of the North
Carolina facility is a bit of a leap for MidStates — but a leap worth making, especially
when viewed as a path to a long-term goal.
18 • MeritMatters®
“Eventually, we’d like to connect our existing facilities between Michigan and North
Carolina,” Scott Somers says. “We’d like to
fill in that gap in between. It’s natural for us
to keep growing in the Great Lakes region,
but with the amount of industrial growth
in the South, it also makes sense to expand
down there. It’s all with an eye toward expanding our presence and putting ourselves
in a position to serve more customers.”
Mid-States has also expanded its reach
by providing its customers other services,
such as prepackaged fastener kits. If, for
example, a furniture manufacturer orders
various sets of bolts, screws, nuts and washers to be included in an assemble-it-yourself, boxed furniture item, Mid-States can
prepackage the necessary fasteners so they
arrive at the furniture plant ready to be
combined with an instruction sheet, placed
in the box, sealed and shipped to the retail
outlet or the consumer.
“We call it ‘kitting,’ and it’s been a huge
growth area for us,” Matt Somers says.
“Among our customers, we have some major playground equipment manufacturers
and furniture makers, and it saves them a
lot of time if the assembly fasteners arrive
prepackaged and ready to go in the box for
shipment.”
It’s one of a number of value-added services Mid-States has been able to implement
for its customers, a list that also includes
inventory management. With its extensive
inventory, the company has developed expertise in tracking inventory usage. Several
years ago, the brothers decided to use that
expertise to help their customers track their
own inventories.
“It’s all about knowing what we’re good
at and using that to help grow the business,”
Matt Somers says. “We have expertise in
fastener parts and inventory management,
and we felt it was a good opportunity for
us to leverage that expertise in a way that
helps our customers in a very useful way. It’s
another example of our service culture —
listening to our customers and figuring out
ways to make their jobs easier.”
SUCCESS FACTORS
The Somers family has long known that
customers won’t be satisfied unless you first
have satisfied employees and strong relationships with the organizations that support
your business.
The key to employee satisfaction is to
first find the right people to hire, and then
treat them well. It’s simple to state but much
more difficult in practice.
“You end up going through a lot of
people to find the right ones,” Matt Somers
says. “But if you did your work, and then
do right by them once you’ve made the hire,
they stay. The majority of our employees
have been here 10 years or more. Some
have been with us 20 or 25 years.”
Many of its managers started with the
company working in the warehouse or the
front counter, Marc Somers says.
“They’ve worked their way up because
they’ve shown the dedication, work ethic
and passion for customer service that have
defined this company throughout its history,” he says.
Passion for customer service is the main
quality the Somers family looks for when
making a hire.
“You can teach someone about fasteners,” Matt Somers says. “But it’s an instinct
to serve customers. It’s an instinct to work
hard and pay attention to the details.”
Mid-States’ financial partner, FirstMerit
Bank, believes in the same customer service-driven and employee-fueled recipe for
success, which is why it has been one of the
company’s biggest supporters over the past
several years.
As a locally focused business, Mid-States
has worked primarily with local banks in
Michigan. When the company’s longtime
local bank was purchased by a national bank,
the Somers brothers didn’t like the way
things were trending and began a search for
a local bank and found FirstMerit.
“With our previous bank, we started to
feel more like a number than a customer,”
Scott Somers says. “We had to go through
all these different departments just to get a
simple thing done. When we got in touch
with FirstMerit about becoming our bank,
they didn’t operate that way. They made
decisions and had people you could talk
to on the local level. That was the biggest
attraction for us. FirstMerit hasn’t missed a
beat. They care about our business. They
treat us like customers, not a number on a
spreadsheet.”
Mid-States uses a number of FirstMerit services, including company banking
accounts, loans and a line of credit that
allowed the company to purchase its North
Carolina facility.
John Boerger, commercial relationship
officer with FirstMerit, says the Somers
brothers have felt comfortable dealing with
the bank, and FirstMerit wants to not only
maintain that comfort level but make them
feel even more secure.
“For our part, we know they’re a strong
company, they’ve been in business for decades and they value longstanding relationships,” he says. “Really, it has been a perfect
match. We value the same things. They give
us what we’re looking for in a customer and
we can give them what they’re looking for in
a bank. I think, at both ends, we’re looking
forward to what the future holds.” u
For more information, visit
www.midstatesbolt.com
MeritMatters® • 19
INVESTMENTS >>>
MILLENNIALS:
Smartphones, skinny jeans, and a $30 trillion inheritance
“COMPANIES HOPING TO OBTAIN
THIS GENERATION’S LOYALTY IN
BOTH THE MARKETPLACE AND
WORKPLACE MUST DEMONSTRATE
SUPPORT FOR CAUSES IN WHICH
MILLENNIALS BELIEVE.”
– DAN CRAWFORD, CHIEF INVESTMENT OFFICER
FIRSTMERIT PRIVATEBANK
Millennials are continuously in the news on many
different topics. But who are they?
Millennials, the cohort of Americans born between 1980
and 2000 (roughly speaking), are the largest generation in
the U.S., representing one-third of the total U.S. population in 2013.1 Millennials’ formative years were shaped by
9/11, the decade-long War on Terror, the Great Recession
and all things Internet.
Most came of age during a very difficult time, as the
oldest were in their mid-20s when the Great Recession
began. As unemployment surged, many struggled to
find decent work, while the younger ones were deciding
whether and where to attend college. Today, although the
economy is well into its tepid recovery, the Great Recession
continues to affect the lives and behavior of Millennials
and will do so for many years to come.
While still in the early phases of their careers,
Millennials have the following distinctions:
• Greatest number of college and post-graduate degrees
• Oldest average age when first married (if at all) and first
child born
• Least likely to own a home
20 • MeritMatters®
Are Millennials financially savvy?
Contrary to popular belief, Millennials are the best savers
because they have witnessed firsthand not only the Great
Recession but also their own parents’ struggle to save for
retirement. They have seen the dotcom bubble burst, witnessed the failure of many large banks and watched housing values tumble. They have developed a more conservative investment profile than professionals might assume for
those so young. Despite the decades of savings in front of
PHOTO BY JESSE KRAMER
Dan Crawford,
Chief Investment Officer,
FirstMerit PrivateBank
What drives Millennial behavior as consumers
and employees?
Like Missouri, the Show-Me state, Millennials want to see
it before they believe it. Some companies advertise the
environmentally friendly nature of their products, and this
generation expects companies to deliver and practice what
they preach. Additionally, Millennials make it a point to
purchase from brands whose values are similar to their own.
Companies hoping to obtain this generation’s loyalty
in both the marketplace and workplace must demonstrate
support for causes in which Millennials believe. A recent
survey of more than 1,200 American adults found Millennials to be the generation most focused on corporate social
responsibility when making buying decisions.2
Millennials as employees have quite a few demands.
They desire their daily work to reflect their societal concerns. The vast majority of Millennials want their employer to contribute to and support the social or ethical causes
they feel are important, such as economic development,
poverty and hunger, and the environment.
>>>
them, they are not comfortable with financial risk.
For those Millennials who have started their careers,
we are starting to see an emerging generation of retirement super savers. Millennials have benefited from the
widespread adoption of 401(k) auto enrollment, automatic
contribution hikes and target date funds. Seventy-one percent of Millennials who are offered a 401(k) join their plan
and start saving for retirement at an unprecedented young
age, just 22. By contrast, the average Boomer began saving
at age 35, while Gen Xers got started at 27.3
Of course, most young adults have plenty of shorter-term financial worries. Twenty-seven percent say their
top priority is covering basic living expenses, and 27
percent say they want to pay off debt. Student loan debt
has had an immense impact on Millennials. The economy
has long relied on recent graduates to make major life
purchases such as cars and homes, but a growing number
of younger consumers have had to shift priorities in order
to keep current on their student loans.
Is it too early for businesses to market to Millennials?
No. This is the perfect time. Millennials have the greatest
overall lifetime consumption value of any generation today. They are the youngest consumers and therefore have
the longest future as consumers. There are massive market
opportunities as Millennials are entering the life phase in
which they’re selecting investment advisers, Realtors and
the like for the first time. Whoever gets them now wins —
and has the potential to win big.
While this generation may only currently control assets of
roughly $2 trillion, it’s estimated that they will have $7 trillion
by the end of the decade, only five short years away. To
further emphasize the point, Millennials stand to inherit $30
trillion from their Boomer parents over the next few decades
in North America alone.4 This is a historic opportunity for
many businesses and even some entire industries.
How can businesses turn Millennials into
customers?
Millennials have emerged into adulthood with low levels
of social trust. According to a recent study, just 19 percent
of Millennials say most people can be trusted, compared
with 31 percent of Gen Xers, 37 percent of Silents (born
between the mid-1920s and early 1940s), and 40 percent of Baby Boomers.5 The lack of trust is a significant
headwind businesses face when trying to attract and retain
Millennial customers.
One way to gain Millennials’ trust is by being more open
about the products, services and associated costs. They
1
INVESTMENTS
expect openness as they’re sharing so much of their lives online, and they expect companies to be equally forthcoming.
They require information to be readily available and online;
otherwise, they’re going to turn it off.
It sounds as though the Millennials are a
demographic force to be reckoned with.
Absolutely. The power of this generation was first felt at
the beginning of this century as Millennials focused their
attention on consumer brands and fashion, helping fuel
the explosive growth of companies such as Apple and
Abercrombie and Fitch. Millennials have now shifted their
attention to using government and corporations to create a
healthier and more equitable society.
This can be witnessed firsthand as consumer preferences are shifting from McDonald’s to Chipotle. Chipotle
developed a reputation for corporate responsibility by
making careful decisions about the ingredients on its menu
and how those ingredients would be sourced. Millennials
responded in kind by patronizing businesses like Chipotle
while avoiding the McDonald’s and Coca-Colas of the
world, which are perceived as less healthy.
Organizations that lose touch with the changes taking
place in society will be left out of the economic benefits
this generation has to share. Companies that dedicate their
future to making the world a better place will be rewarded
with the loyalty of Millennials as customers, workers and
investors for decades to come. u
This message does not constitute individual investment, legal, or tax advice.
All opinions are reflective of judgments made on the original date of publication and do not constitute a guarantee of present or future financial market
conditions.
Census Bureau, 2 Cone Communications Social Impact study, 3 TransAmerica Survey, 4 Federated report, 5 Pew Social Trends
MeritMatters® • 21
COMMUNITY >>>
CONTINUUM OF CARE
T
he stereotypical image of the homeless is a single
male, usually with mental health or chemical
dependency issues.. But that’s not an accurate
portrait today, if ever it was, says Liz Ruediger, director of
development at Shelter of Flint Inc.
Single parents, children and entire families more typically fit the profile now, and today’s Shelter of Flint clients
are likely to be employed.
“These are the first-time homeless, not generational,” says Ruediger of the organization’s emergency
shelter clients. “Sixty percent are under the age of 10.
This year, our youngest client was two days old and our
oldest was 82.”
As for the backgrounds of shelter clients, those also
don’t fit most preconceived notions.
“We’re not seeing dependence,” says Ruediger. “For
us, a very high percentage are underemployed. They’re
struggling to get by and to get ahead.”
Job loss, medical crises and domestic violence contribute to the need for temporary accommodations in
a Michigan city that has experienced more than its fair
share of economic shortfalls.
The facility has provided emergency and support
services since 1983, when it opened under another name
as an emergency shelter for women. Today, it provides
much more than shelter.
The 70-bed facility offers three meals a day and a
30-day respite from crisis. During this time, social workers
connect clients with an array of supportive services,
including housing advocacy, job-readiness training and
retraining, GED preparation, literacy and educational
assistance and programs that meet health care and parenting skills needs.
At the end of 30 days, 89 percent of clients can be
placed in transitional or permanent housing.
This longer-term housing is another benefit the
organization delivers. Shelter of Flint owns 453 units of
affordable and senior housing at four locations, with
on-site social service providers to help with the transition
and support ongoing needs.
“Our comprehensive case management sets us
apart,” says Ruediger.
22 • MeritMatters®
Camp Cheerful
provides fully
accessible camp
activities for children
and adults of all
abilities to enjoy.
COMMUNITY SUPPORT
There’s always a need for financial and hands-on assistance from the community, says Ruediger. Part of that
support comes from April Orange, a business banker at
FirstMerit Bank.
“April has been associated with us for two years,”
says Ruediger. “She joined us as a member of our 30th
Anniversary Event Committee and she’s a board member
today.”
Other FirstMerit employees have also stepped up to
support the shelter.
“We’re grateful for April’s help and support and for
everyone from FirstMerit who’s helped us meet our growing needs,” says Ruediger. “We couldn’t do what we do
without the support of our community.” u
For more information: www.shelterofflint.org
PHOTOS COURTESY OF SHELTER OF FLINT
Shelter of Flint provides an important
service for the homeless in Genesee County
As your business expands,
so does your need for
proactive advice.
Comprehensive Services for
any size business from FirstMerit
Increased demand for eco-friendly solvents meant exponential growth for Lisa—
and a conversation with FirstMerit Bank. With their Treasury Management,
Payroll, International Services and more, Lisa not only kept up with increasing
demand, but also created a new model for order fulfillment. Now, thanks to
the help of FirstMerit, Lisa’s business no longer qualifies as “small.”
TO L E A R N MOR E, C O N T A C T :
Greg Viener, Community President, Flint,
at 810-342-7074 or greg.viener@firstmerit.com.
Todd Gregory, Community President, Saginaw,
at 989-776-7465 or todd.gregory@firstmerit.com.
Dave Green, Community President, Bay City,
at 989-894-6715 or dave.green@firstmerit.com.
Follow the latest market trends
@firstmerit_mkt
firstmerit.com
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There has never been a better time to
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%
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or current Prime -.26% on
line amounts of $50,000 or
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For more information, call 800-416-3748 or visit firstmerit.com/heloc.
*Subject to credit approval. Variable APR is current as of 06/08/15. Your rate and corresponding APR may be higher than the advertised rate, depending on your credit history and FirstMerit’s credit policies. Borrower
must draw a minimum amount of $20,000 at time of closing and set up an automatic payment from a FirstMerit checking account to obtain advertised rate. The APR is based on Wall Street Journal Prime -.26%
(currently 2.99%) to Prime +6.99% (currently 10.24%). Your APR may vary from a minimum of 2.99% to 25% in Ohio, Illinois, Michigan and Wisconsin, or 22.2% in Pennsylvania, or the maximum allowed by law,
whichever is less. Lines of credit are available only on owner occupied homes with an 89.90% or less loan-to-value ratio. Property insurance is required. Flood insurance may be required. Loan fees and closing costs,
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