Farmers Trust Company Reports All-Time Highs

YOUNGSTOWN, Ohio – Farmers Trust Co. reports another record year in 2021 as client assets under management grew by 18% to approximately $1.8 billion.  Revenues and operating income also hit all-time highs, the company says.

Farmers Trust Co. offers estate planning, investment management, trust administration and retirement services. The company, a unit of Farmers National Banc Corp., operates offices in Boardman, Howland, Canton, Fairview Park and Wooster.

With 40 employees, the credentialed staff includes five attorneys, two masters in tax graduates, three chartered financial analysts, a certified financial planner, two masters of economics and two employee benefit specialists.

The company prides itself on being an independent financial advisory firm with no internal proprietary products or conflicts of interest. While other firms offer their own family of mutual funds and investments, Farmers says it avoids inherent conflicts of interests and acts in a fiduciary capacity for clients.

In addition to traditional fiduciary and investment management services, growth was driven by new service initiatives, says Dave Dastoli, president of Farmers Trust Co. These include donor advised funds, financial planning and investments in an enhanced retirement plan platform. Strong asset management performance also contributed to client asset growth in 2021.

“Our model of local delivery of highly sophisticated administrative and investment services continued to result in strong organic growth and another record year,” states Dastoli.

The trust company and Farmers Charitable Foundation support nonprofit organizations in the Mahoning Valley by distributing nearly $7 million annually and administering donor advised funds. These funds allow clients to establish separately identified accounts under the umbrella of the foundation and have their charitable assets professionally managed and distributed in alignment with their philanthropic intent.