Shareholders OK Farmers, National Bancshares Merger
CANFIELD, Ohio – The shareholders of Farmers National Banc Corp. and of National Bancshares Corp., Orrville, have approved the merger of their institutions, the last steps needed before it takes effect June 19.
Kevin J. Helmick, president and CEO of Farmers and its bank subsidiary, Farmers National Bank, announced the results this morning of the shareholders’ meetings. All regulatory approvals have been obtained, he said.
National Bancshares is a one-bank holding company that serves north central Ohio.
Pro forma, upon completion of the acquisition, Farmers National Banc Corp. will have some $1.7 billion in assets and Farmers National Bank will expand to 33 branches. The 14 offices of First National Bank of Orrville will adopt the Farmers name and that bank will be integrated into Farmers Bank.
Each shareholder of National Bancshares will receive 4.034 shares of Farmers stock or $32.15 in cash for each share he owns, subject to the prorating and adjustments set forth in the proxy statement dated May 11, the companies said.
In a prepared statement, Helmick said, “I am pleased by both companies’ strong shareholder support and happy that our shareholders recognized how meaningful this merger is to the long-term performance of our company.”
SOURCE: Farmers National Bank
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