Farmers National Banc Corp. acquires Tri-State First Banc Inc.

CANFIELD

Farmers National Banc Corp., the holding company for Farmers National Bank of Canfield, has acquired Tri-State First Banc Inc., the holding company for 1st National Community Bank.

The transaction is valued at $14.2 million, increases Farmers’ deposit market share by 65 percent and brings them into the Pennsylvania market. In a statement, Kevin J. Helmick, president and chief executive officer of Farmers, said Tri-State has an excellent low-cost deposit base with over $54 million in non-interest bearing deposits and overall cost of funds of 0.22 percent as of March 31.

“We are pleased to announce the acquisition of Tri-State and welcome Tri-State’s customers and employees to Farmers,” said Kevin J. Helmick, president and chief executive officer of Farmers. “This transaction helps Farmers continue to grow its market share, balance sheet and earnings. We are excited to announce our second acquisition in 2015, which enhances Farmers’ brand and delivers long-term value for our shareholders.”

Last Friday, Farmers announced it had close the deal to acquire National Bancshares Corp., the holding company of First National of Orrville.

“By combining with Farmers, we are able to deliver value to our shareholders and partner with a company that embodies the community bank culture,” Stephen R. Sant, president and CEO of Tri-State, said in a statement. “We are excited to partner with a growing organization that delivers value to its shareholders, employees, customers and communities.”