Banking & Finance

Shareholders of Farmers, Monitor Bancorp OK Merger

CANFIELD, Ohio – Farmers National Banc Corp. and Monitor Bancorp Inc., based in Big Prairie, Ohio, announced Tuesday that their shareholders have voted to merge their bank holding companies. The transaction is valued at approximately $7.8 million.

Said Kevin J. Helmick, president and CEO of Farmers, in a prepared statement, “This transaction will serve as an entrance into the attractive Holmes County market for Farmers. Monitor has an excellent core deposit base and has been a solid earner with strong asset quality. The combination of these two companies should enable us to provide shareholder value on both sides, while continuing to celebrate and execute our community banking model.”

Farmers and Monitor announced their intent to merge March 13 and have obtained the needed regulatory approvals.

Shareholders of Monitor will be entitled to receive up to 57.82 common shares of Farmers or $769.38 for each of their common shares.

Farmers and Monitor expect to complete the merger next Tuesday.

Published by The Business Journal, Youngstown, Ohio.