▁In ▁ 2 0 1 1 , ▁the ▁US ▁Department ▁of ▁Tre as ury ▁appointed ▁two ▁direct ors ▁to ▁the ▁bank ' s ▁board ▁as ▁it ▁had ▁failed ▁to ▁make ▁pay ments ▁on ▁the ▁b ail out ▁funds . ▁ ▁For ▁the ▁first ▁time ▁since ▁the ▁economic ▁dow nt urn , ▁the ▁Bank ▁reports ▁in ▁July ▁ 2 0 1 2 ▁five ▁consecutive ▁qu arters ▁of ▁profit . ▁ ▁First Mer it ▁mer ger ▁In ▁August ▁ 2 0 1 2 , ▁Cit iz ens ▁Republic ▁had ▁not ▁rep a id ▁its ▁$ 3 0 0 ▁million ▁b ail out ▁loan ▁from ▁the ▁US ▁Tre as ury . ▁The ▁bank ▁holding ▁company ▁consider ▁issu ing ▁stock ▁to ▁pay ▁the ▁deb t ▁back , ▁but ▁instead ▁put ▁itself ▁up ▁for ▁sale ▁with ▁J . P . ▁Morgan ▁Ch ase ▁h ired ▁to ▁find ▁a ▁bu yer . ▁Hun ting ton ▁Bank ▁was ▁considered ▁a ▁potential ▁bu yer ▁as ▁Hun ting ton ▁was ▁expand ing ▁in ▁Michigan . ▁On ▁September ▁ 1 3 , ▁ 2 0 1 2 , ▁Ak ron , ▁Ohio - based ▁First Mer it ▁Corporation ▁announced ▁it ▁would ▁ac quire ▁Cit iz ens ▁in ▁a ▁stock - for - stock ▁mer ger ▁transaction ▁val ued ▁at ▁approximately ▁$ 9 1 2 ▁million . ▁The ▁mer ger ▁was ▁expected ▁to ▁close ▁in ▁the ▁second ▁quarter ▁of ▁ 2 0 1 3 . ▁ ▁With ▁the ▁stock ▁payment ▁worth ▁less ▁than ▁the ▁stock ' s ▁tang ible ▁book ▁value , ▁several ▁law