Saturday, March 31, 2001
Farmers kept all Security's former branches and added a few employees.
By CYNTHIA VINARSKY
VINDICATOR BUSINESS WRITER
CANFIELD -- Farmers National Bank becomes a three-county institution this weekend as employees complete the account transfers to finalize its merger with Security Dollar Bank of Niles.
Announced last May, the merger creates a company with assets of about $626 million, more than 300 employees and 17 offices in Mahoning, Columbiana and Trumbull counties.
"It's business as usual. Nothing is closing. The staff in Trumbull County remains in place. As a matter of fact, we had to add some people," said Frank L. Paden, president of Farmers National Banc Corp., the bank's holding company.
Details: Farmers adds six Trumbull County offices, including five branch banks and an operations center in downtown Niles. Farmers had 11 offices in Mahoning and Columbiana counties.
The agreement eliminates Security Dollar, founded in 1904 as Dollar Savings Bank. "It's been a quiet transition so far," Paden said. "We've been slow and meticulous about the changes to avoid inconveniencing our customers.
The bank relocated its check processing operations from its Canfield headquarters to the former Security operations center because it was running out of space for what it calls "back-room" operations such as accounting and data processing.
Security customers can continue using their Security checks until they run out.
A new service Farmers brings to former Security customers is online and telephone banking.
Paden expects the account conversions to be complete by Monday morning, so the bank's new customers will be able to access their account information and make transactions by phone or over the Internet.
Acquisitions: Paden said Farmers acquired a single Bank One branch about five years ago, but the Security deal is its first total merger.
Farmers officials are keeping an eye out for other potential acquisitions, he said, but they're not likely to make any moves soon.
"Strategically we still intend to remain independent and to expand and grow, but any purchase or merger has to fit our long-term goals," Paden said.
"You don't want to buy just to buy. You've got to make sure it helps maintain and build shareholder value."