Farmers to Acquire Geauga-Based Maple Leaf Financial
CANFIELD, Ohio – Farmers National Banc Corp. has acquired Maple Leaf Financial, the holding company of Geauga Savings Bank. After the merger, all Geauga Savings Bank branches and ATMs will carry the Farmers National Bank name.
“We are pleased to announce the acquisition of Geauga Savings Bank and welcome their customers and employees to Farmers. The transaction increases Farmers’ market share in Cuyahoga and Geauga counties and enables Farmers to continue building local scale throughout Northeast Ohio,” said Farmers President and CEO Kevin J. Helmick in a statement.
Added Maple Leaf President and CEO James Kleinfelter, “By combining with Farmers, we are able to offer our shareholders liquidity and our customers a home in a strong and growing community bank.”
Upon completion, Farmers will have 42 branches and $2.7 billion in assets, Helmick reported. As of June 30, Maple Leaf Financial had assets of $227.8 million, including gross loans of $186.4 million, deposits of $191 million and equity of $32.9 million. It has branches in Newbury and Beachwood.
Maple Leaf shareholders will be offered $640 per share in cash or 45.5948 of Farmers’ common shares subject to an overall limitation of 50% of the shares being exchanged for Farmers shares and 50% for cash. The transaction is valued at $39.6 million based on Farmers’ closing share price of $13.73 on Aug. 29.
Farmers National Banc Corp. expects the transaction to close in either the final quarter of 2019 or the first quarter of 2020.
Copyright 2020 The Business Journal, Youngstown, Ohio.