Farmers, Monitor Complete $7.8M Merger
CANFIELD, Ohio — Farmers National Banc Corp., the holding company for The Farmers National Bank of Canfield announced that it completed yesterday the merger of Monitor Bancorp Inc., the holding company for The Monitor Bank.
Monitor Bancorp, based in Big Prairie, Ohio, was merged into FMNB Merger Subsidiary II LLC, a newly formed, wholly-owned subsidiary of the Farmers holding company.
Shareholders of both bank holding companies announced last week that they voted to merge. The transaction is valued at approximately $7.8 million.
“We are excited to complete this transaction, our third bank acquisition since 2015, and to bring our successful community banking model to the attractive Holmes County market,” said Kevin J. Helmick, president and CEO of Farmers, in the release announcing the transaction.
The merger brings Farmers, headquartered in Canfield to more than $2.0 billion in banking assets and more than over $1 billion in trust assets. It operates 39 branches in Mahoning, Trumbull, Columbiana, Stark, Wayne, Medina, Holmes and Cuyahoga counties in Ohio and Beaver County in Pennsylvania.
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