February 22, 2010 (FinancialWire) — FirstMerit Corp. (NASDAQ: FMER) said it has acquired the banking operations of George Washington Savings Bank, the subsidiary bank of George Washington Savings Bancorp through a purchase and assumption agreement with the Federal Deposit and Insurance Corp.

The Illinois Department of Financial and Professional Regulations, Division of Banking, declared George Washington Savings closed last Friday and appointed the FDIC as receiver.

As of January 30, 2010, George Washington Savings posted around $393 million in deposits and $420 million in assets. George Washington Savings’ $330 million in loans will be subject to a loss-sharing agreement with the FDIC.

Additional terms were not disclosed.

FirstMerit said it expects the acquisition to be accretive to operating earnings per share in 2010.

Ohio-based FirstMerit is posted assets of $10.5 billion as of December 31, 2009 and operates 158 banking offices and 172 ATMs in 25 Ohio and Western Pennsylvania counties.

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