Farmers National Bank Receives Regulatory Approvals for Cortland Bank Merger
CANFIELD, Ohio — Farmers National Banc Corp., the holding company for The Farmers National Bank of Canfield, announced it’s received regulatory approvals necessary to complete its proposed merger of Cortland Bancorp.
The merger was approved by The Federal Reserve Bank of Cleveland and the Office of the Comptroller of the Currency, according to a company release. The proposal would see The Cortland Savings and Banking Co. merged with and into Farmers National Bank.
Pending an approval of the merger by Cortland shareholders, the merger is expected to be completed in the fourth quarter of 2021.
Farmers National Bank and Cortland Bank announced the proposed merger in late June 2021. The combined entity will have about $4.1 billion in assets and 48 locations. All Cortland Bank branches will become Farmers National Bank sites.
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.
In addition, Cortland Bank chief operating officer Timothy Carney will join Farmers as chief banking officer. Farmers will also name two members of Cortland’s board of directors to its own board.
Cortland Bank shareholders can elect to receive either $28 per share in cash or 1.75 shares of Farmers common stock.
Published by The Business Journal, Youngstown, Ohio.