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Farmers National Bank discuss merger plans
CANFIELD
A local community bank is on track with its footprint expansion plans in Northeast Ohio.
Farmers National Banc Corp., parent company of Farmers National Bank of Canfield, announced in late January an agreement to acquire National Bancshares Corp., the parent company of First National Bank of Orrville.
“It’s good for the [Mahoning] Valley,” said Kevin J. Hemlick, president and CEO of Farmers, after speaking Thursday at an annual shareholders meeting in Canfield.
The transaction is valued at about $74 million and would increase Farmers’ asset base by about 50 percent to $1.7 billion. The merger increases their loans to $1.1 billion, and $1.3 billion in deposits.
The merger also adds James R. Smail and Howard J. Wenger, members of National Bancshares’ board of directors, to the Farmers’ board, making it a total of 11 members. Mark R. Witmer, president and CEO of National Bancshares, will join Farmers as senior executive vice president and chief community banking officer.
After the merger is closed in the second quarter, it will be the third-largest community bank in Northeast Ohio by asset size, Hemlick said.
Before the merger, Famers National Bank had 19 branches, which will increase to 33 branches. The bank also is opening another branch in Alliance in June.
Additionally, the bank will have two branches in Salem. Hemlick said there has been some preliminary discussions on whether to keep both branches, but nothing will be decided until after the merger is closed.
“Both branches are very good,” he said.
Farmers National Banc Corp. will release its first-quarter earnings Wednesday.