CANFIELD – Since its founding in 1887, Farmers National Bank has survived and thrived over the course of multiple cycles of booms, busts and recoveries.
Despite the impact of inflationary pressures and interest rate volatility in 2022 on both consumers and businesses, “Farmers proved itself well-positioned to successfully navigate a challenging banking environment thanks to our historically strong asset quality and capital levels,” says Kevin J. Helmick, president and CEO.
“Achieving another profitable year and extending our consecutive streak of profitable quarters to 160,” states Helmick, “is a credit to our win-win culture and our dedication to providing the local communities we serve with exceptional financial experts and legendary service.”
Adjusted net income for the 12 months ended Dec. 31 was $64 million.
Farmers record net income, which drove strong returns on assets, equity and tangible equity is another example of the bank’s win-win culture, Helmick says. “We are a relationship-driven organization. Everything we do is about creating wins that not only grow our bank but help raise the standard of living and the quality of life in our communities.”
2022 marks a historic year for Farmers in that for the first time in over 135 years in business, the bank will have a significant presence outside Ohio. In the first quarter of 2022, Farmers announced its acquisition of Farmers National Bank of Emlenton (Emclaire Financial Corp.) with 19 locations in western and central Pennsylvania.
This merger marks the seventh acquisition by Farmers over the last seven years, and increases bank assets to over $5.0 billion and its wealth assets to $2.9 billion. Upon technical conversion in February, Farmers will operate 65 locations throughout Ohio and Pennsylvania.
Additionally in 2022, the bank’s management successfully integrated the 2021 Cortland Bancorp acquisition while acquiring Champion Insurance. This expanded the footprint of Farmers National Insurance and strengthened its array of products and services to include commercial, farm, home, life and auto property/casualty insurance.
“This partnership with Champion enabled Farmers to enhance our robust wealth management 360 program,” says Helmick “With strong divisions that include private banking, trust, retirement, insurance and investments, Champion Insurance will expand our offerings with its well-established agency.”
Expansions into new markets prompted a rebranding campaign. For the first time in over two decades, Farmers updated its logo.
“As we focus on our growth, we thought it was the perfect time to revitalize our logo and welcome new customers to our Farmers family,” says Amber Wallace, executive vice president, chief retail/marketing officer.
Farmers continues to implement technology that creates a one-of-a-kind banking experience for customers, Wallace notes. In August, the bank opened its second Lab Branch location in Canton. The Lab Branch serves as an incubator for emerging technology and customer service initiatives, including interactive teller machines in the lobby and drive-thru.
The bank opened its first stand-alone ITM at 7334 Market St. in Boardman. ITMs provide customers the ability to talk with a specialized video teller (housed locally in Niles) in real time to do transactions or use the machine as a typical ATM. Video tellers can assist customers with deposits, withdrawals, transfers and payments.
Pursuant to its mission of attracting top talent, Farmers made strategic additions to its leadership team over the last year. Michael Matuszak joined as executive vice president, chief operating officer. William Shivers, regional president, was appointed chief commercial lending officer.
For the third time, Farmers was named one of the 2022 Best Employers in Ohio by Crain’s Cleveland Business and Best Companies Group.