Culp Retires as Farmers CFO; Bank Announces Promotions

CANFIELD, Ohio – Carl D. Culp, Farmers National Bank chief financial officer and senior executive vice president, will retire from the bank effective Aug. 15, Farmers National Banc Corp. announced today.

Culp’s decision prompted other changes in Farmers’ accounting and finance executive group. The company named Troy Adair as executive vice president of finance and promoted Joseph Sabat, CPA, to vice president, chief accounting officer.

The retirement ends Culp’s 36-year career in accounting and the financial services industry, with 32 years dedicated to Farmers National Bank, including the last 25 years in the CFO and senior EVP roles, the company said in a news release. Culp has agreed to provide advisory services for a period of time to ensure a seamless transition to his successor.

Joseph Sabat is Farmers’ new vice president, chief accounting officer, and Troy Adair is executive vice president of finance.

“First and foremost, the board of directors thanks Carl for his years of loyal service. It is difficult for me to express the countless contributions Carl has made over the course of his career to both the stability and extraordinary growth trajectory of our financial institution,” Kevin Helmick, Farmers president and CEO, said in the release. “Carl exemplifies Farmers’ culture and has consistently led by example with his stalwart integrity and character.”

Adair, most recently with Premier Bank as senior vice president, treasurer and assistant secretary, has 33 years of experience in banking. Upon Culp’s departure, Adair will assume the CFO role. A native of the Mahoning Valley, Adair resides in Cortland with his family.

Sabat, who has been with Farmers since 2006, now serves as vice president and controller at Farmers and brings 25 years of experience in the accounting, finance and auditing fields. His promotion is effective immediately.

“The appointments of Adair and Sabat to these key roles reflect Farmers’ pursuit of high performance and exceptional results for our stakeholders,” Helmick said.

Source: Farmers National Bank

Published by The Business Journal, Youngstown, Ohio.