Farmers to acquire Bowers Insurance

Staff report

CANFIELD

Farmers National Bank of Canfield has entered into a definitive agreement to acquire Cortland-based Bowers Insurance Agency Inc.

Bowers has been insuring personal, agricultural and commercial risks since 1913.

The Bowers Group will be a business extension of Farmers’ Wealth Management division, and Farmers’ financial experts will be able to offer full-service programs to all Bowers Group customers, including private client, retirement, investments, trust and insurance.

The merger, expected to close in the second quarter of this year, is set to enhance Farmers’ current company and product lineup, and offer broader options of commercial, farm, home and auto property/casualty insurance carriers to meet all the needs of all Farmers’ customers.

Farmers has about $1.8 billion in banking assets and $1 billion in trust assets. Farmers’ wholly owned subsidiaries comprise Farmers National Bank, a full-service national bank engaged in commercial and retail banking with 38 banking locations.