Farmers completes merger

Staff report

CANFIELD

In four months, Farmers National Bank of Canfield acquired two parent companies of banks to expand its footprint across eight counties.

“We had a very aggressive time line, and I am pleased we were able to accomplish our goal of closing two mergers within a four-month period,” Kevin J. Helmick, president and chief executive officer of Farmers, said in a statement.

Farmers National Banc Corp., the parent company of Farmers, announced the completion of the merger with East Liverpool-based Tri State 1st Banc Inc., the parent company of 1st National Community Bank into FMNB Merger Subsidiary, a newly formed, wholly-owned subsidiary of Farmers.

Farmers announced its second merger of the year the same month it closed its merger with Orrville-based National Bancshares, the parent company of First National Bank.

The $74 million merger with First National moved Farmers up to $1.6 billion in assets, about 425 employees and 33 offices in Mahoning, Trumbull, Columbiana, Stark, Wayne, Medina and Cuyahoga counties.

The $14.2 million merger between Farmers and 1st National Community Bank moved Farmers up to $1.8 billion in banking assets, more than 450 employees and 38 offices, including a presence in Beaver County, Pa.

“This merger is exciting for Farmers because it allows us to gain a source of low-cost funding, enter into the Pennsylvania market and achieve the second-largest market share in Columbiana County,” Helmick said.