By Kevin J. Helmick
President and CEO, Farmers National Bank
CANFIELD, Ohio – For financial institutions, 2024 was marked by shifting interest rates, evolving economic conditions and the marketplace dynamics of a presidential election year.
Farmers National Bank – marking its 137th year in business and now the sole bank headquartered in the Mahoning Valley – navigated this environment to forge a strong and stable financial performance that positions the bank well for 2025 and beyond.
In fact, Farmers extended its streak of profitable quarters to 168 – meaning 42 consecutive years without a quarterly miss.
The bank made its first foray into the booming Columbus, Ohio, market in 2024. Farmers was named one of Newsweek’s best regional banks last year and we put the nearly finished touches on our expanded and upgraded headquarters in Canfield, where the bank was founded in 1887.
The bank’s total assets at the close of 2024 were $5.12 billion, with an additional $4.2 billion of wealth management assets under management.
We’re especially proud of Farmers’ rock solid performance this year. It’s a reflection of our great team of people, our customer-centric culture, depth and breadth of products and services – and our proven model of community banking with its emphasis on conservative management.
Farmers’ acquisition of Crest Retirement Advisors in the Columbus suburb of Dublin signifies the bank’s optimism about its current competitiveness as well as its future growth.
Crest provides customized retirement plans and ongoing administrative services to small businesses. Crest will continue to operate under its name and from its current location but will merge with National Associates Inc., a retirement advisory company owned by Farmers that operates out of Fairview Park, Ohio.
The size of the Columbus market presents an exciting opportunity for Farmers.
We are also encouraged by our continued growth in the Cleveland and Pittsburgh markets, where we added staff and remodeled or built new branches.
The Mahoning Valley will always be our home but the calculated growth of our geographic footprint is key to our future.
The 28,422-square-foot expansion of Farmers National Bank’s headquarters in Canfield is proof of the bank’s commitment to its roots.
The multiple acquisitions the bank has made in recent years not only increased its presence in Ohio and Pennsylvania but also led to a need for more space in the Canfield location to better serve our growing client base. The expansion includes more administrative offices, rooms for meetings and common spaces for employees.
The bank closed out 2024 by launching a significantly enhanced and user-friendly website. We also concluded a coordinated effort by employees across the bank’s entire geographic footprint to participate in the Salvation Army Kettle Campaign.