CANFIELD, Ohio (WYTV) – Farmers National Banc Corp. announced Tuesday they are merging with National Bancshares Corporation, the holding company for First National Bank of Orrville.
Kevin J. Helmick, president and CEO of Farmers said the merger is a significant step in the company’s strategy to expand their footprint.
“The combined company will create a top-performing Midwest community bank that has the scale, product depth and efficiency to compete effectively and deliver best-in-class service to our customers,” Helmick stated in a prepared news release.
The merger is valued at $74 million and will boost Farmers asset base approximately 50 percent to $1.7 billion.
Each shareholder of National Bancshares will be entitled to elect to receive either $32.15 per share in cash or 4.034 shares of Farmers common stock.
“This is just a natural move west for us in contiguous counties and towns,” Helmick said. “We are very excited about how the flow from our traditional markets goes and offers us entrance to markets with strong deposits, AG, and mortgage lending.”
The deal is expected to close in the first half of 2015, pending shareholder approval.
Farmers originated at its Canfield location in 1887 and has generally been in Mahoning, Trumbull and Columbiana counties.
The only location where both banks have offices in the same place right now is Salem.