Farmers Bank Completes Technical Conversion with Cortland
CANFIELD, Ohio — Farmers National Banc Corp. announced today that it has completed the technical conversion with Cortland Bancorp Inc.
The technical conversion allows Cortland customers to access Farmers’ digital banking options, as well as its Wealth Management division, which includes private banking, trust, retirement, insurance and investment services, according to a press release.
The holding company for The Farmers National Bank of Canfield completed its merger of Cortland Bancorp., the holding company for The Cortland Savings and Banking Co., in November 2021.
Following the conversion, all Cortland Bank branches are now Farmers National Bank offices.
“On behalf of everyone at Farmers, we are excited to officially welcome the customers, employees, and shareholders of Cortland to the Farmers National Bank family,” said Kevin J. Helmick, president and CEO of Farmers. “We look forward to offering our modern and comprehensive financial services to our new customers and growing our local relationships.”
Cortland Bank signage is in the process of changing to Farmers National Bank signage.
The cash and stock transaction of the merger added $841.7 million in assets to the Farmers balance sheet. Currently, Farmers has more than $4.1 billion in banking assets and over $3.1 billion in wealth management assets under care.
The completed integration brings the combined 48 bank locations together under the Farmers name, including locations in Mahoning, Trumbull, Columbiana, Stark, Summit, Portage, Wayne, Medina, Geauga and Cuyahoga counties in Ohio and Beaver County in Pennsylvania.
The Cortland acquisition is the sixth for Farmers in the last six years.
At the close of the transaction, the former CEO of Cortland, James Gasior, joined Farmers as senior executive vice president and corporate development officer. Timothy Carney, former executive vice president and chief operating officer, joined Farmers as senior executive vice president and chief banking officer.
Farmers also welcomed to its board two members from Cortland’s board of directors, Richard Thompson and Neil Kaback.
Published by The Business Journal, Youngstown, Ohio.