Farmers National Bank Completes Cortland Bank Merger, Adds Board Members
CANFIELD, Ohio — Farmers National Banc Corp. the holding company for The Farmers National Bank of Canfield, announced Monday that it completed the merger of Cortland Bancorp, the holding company for The Cortland Savings and Banking Co. with and into FMNB Merger Subsidiary IV, LLC, a newly-formed, wholly-owned subsidiary of Farmers.
Following the Merger, Cortland Bank was merged with and into Farmers National Bank, according to a press release. As a result of the merger, shares of Cortland are no longer traded on The NASDAQ Capital Market. Farmers trades under the ticker symbol FMNB.
“I am excited to close our sixth acquisition in the last six years. Cortland expands our presence within compelling Northeast Ohio markets including Summit and Portage counties, while increasing our bank assets to over $4.1 billion and our wealth assets to over $3.0 billion making us one of the largest community banks in the state of Ohio,” Farmers President and CEO Kevin Helmick said in the release. “In addition, we look forward to offering our modern and comprehensive financial services to Cortland’s customers and growing our local relationships across Cortland’s footprint. On behalf of everyone at the Company, we are pleased to welcome the customers, employees, and shareholders of Cortland to Farmers National Banc Corp.”
Farmers now has over $4.1 billion in banking assets, over $3.0 billion in wealth management assets under care, and operates 48 branches in Mahoning, Trumbull, Columbiana, Stark, Summit, Portage, Wayne, Medina, Geauga and Cuyahoga counties in Ohio and Beaver County in Pennsylvania.
Cortland shareholders may elect to receive either $28 per share in cash or 1.75 shares of Farmers’ common stock, subject to an overall limitation of 75% of the shares being exchanged for Farmers shares and 25% for cash. Based on Farmers’ closing share price of $16.87 on June 22, 2021, the transaction is valued at approximately $124.0 million or $29.14 per share.
At the close of the transaction, Cortland Bank President and CEO James Gasior will join Farmers as senior executive vice president and corporate development officer. Timothy Carney, Cortland’s executive vice president and chief operating officer will join 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.
Thompson has had an extensive background in the private and public sectors for more than 40 years. A graduate of Youngstown State University, he started his career as an Electrical Engineer for The Packard Electric Co. before helping found Therm-O-Link Inc., an electrical wire and cable manufacturer.
In recent years, Thompson has been an active participant in the revitalization of Kinsman, Ohio, including Stratton Creek Woodworks and The Peter Allen Inn. He also serves on the board of directors for Hiram College, The YSU Foundation, The Northern Trumbull County Community Foundation, The Kinsman Public Library, The Kinsman United Methodist Church and Trumbull Family Fitness.
Kaback currently serves as a Partner, Assurance at Cohen & Co., working out of the firm’s Youngstown office. He is a graduate of Ohio University and has spent more than 30 years assisting clients and companies in the manufacturing, distribution, transportation, automotive and service industries. He holds accreditations of Certified Public Accountant and Chartered Global Management Accountant, and is a member of the Ohio Society of CPAs and American Institute of CPAs.
Kaback currently serves or has served on a variety of boards of directors including the Youngstown/Warren Regional Chamber, United Way of Youngstown and the Mahoning Valley, Trumbull Memorial Health Foundation and GOJO Industries.
“Both Richard and Neil bring with them diverse backgrounds from various industries. We look forward to their expertise in helping increase value to our shareholders,” Helmick said.
Copyright 2021 The Business Journal, Youngstown, Ohio.