Farmers, Tri-State make progress on merger

Staff report

CANFIELD

Farmers National Banc Corp. and Tri-State 1st Banc Inc. on Wednesday announced a tentative election deadline for Tri-State shareholders to vote on what they want to do with their shares, given the proposed merger with Farmers.

The tentative date is 5 p.m. Sept. 21.

Tri-State shareholders can elect to receive for each Tri-State common share held either cash or Farmers common shares.

The shareholders are reminded that if they wish to make an election, they must complete, sign and return a Letter of Transmittal and Election Form to Computershare Trust Co., NA, as exchange agent, by the deadline.

Shareholders who hold their common shares through a bank, broker, trust company or other nominee may have an earlier election deadline and should carefully review any instructions received from their bank, broker, trust company or other nominee.

The documents necessary for Tri-State shareholders to make an election for their merger consideration were mailed beginning Aug. 20.

A special shareholders meeting will take place Sept. 22 for purposes of considering and voting on a proposal to approve the merger.

Closing of the merger is subject to approval by Tri-State’s shareholders and other customary closing conditions.

Farmers announced Wednesday that it received regulatory approvals, including from The Federal Reserve Bank of Cleveland and the Office of the Comptroller of the Currency, to complete the proposed merger of Tri-State 1st Banc Inc. with and into FMNB Merger Subsidiary, a newly formed, wholly owned subsidiary of Farmers.

Tri-State First Banc is an Ohio Financial Holding Co. and the parent company of 1st National.

Tri-State is headquartered in East Liverpool and has about $140 million in banking assets. 1st National has four banking locations.

If the merger is completed, Farmers is projected to have assets of more than $1.8 billion and will operate 38 branches.

Tri-State shareholders with questions regarding the election procedures, or who want up-to-date information on the election deadline, or wish to obtain copies of the election materials may contact Georgeson Inc., the information agent, at 866-277-8239 or TSOH@georgeson.com.