Tri-State Shareholders Say Yes to Farmers’ Proposal
EAST LIVERPOOL, Ohio – The shareholders of Tri-State 1st Banc Inc. said yes Tuesday to being acquired by Farmers National Banc Corp.
Farmers, based in Canfield, is the parent of Farmers National Bank, Farmers Trust Co. and Farmers National Insurance LLC. Tri-State is the holding company of 1st National Community Bank, which has $140 million in assets with three offices in Columbiana County and one in Beaver County, Pa.
With all regulatory approvals secured, Farmers and Tri-State set the effective date of the acquisition “on or about Oct. 1, subject to the satisfaction of other closing conditions,” Farmers said in announcing the shareholders’ vote.
Under terms of the agreement announced earlier this summer, shareholders of Tri-State will receive 1.747 shares of Farmers common stock or $14.20 in cash for each share of Tri-State. Farmers shares closed at $8.40 Tuesday, up 17 cents from Monday’s close.
“The combination of these two companies enables us to provide shareholder value on both sides,” said Kevin J. Helmick, president and CEO of Farmers in a prepared statement, “while celebrating and executing the community banking model we are all so passionate about.”
Upon completion of the agreement — 1st National Community Bank will be integrated into Farmers Bank — the assets of Farmers Bank will exceed $1.8 billion and take its number of retail banking offices to 38.
Copyright 2024 The Business Journal, Youngstown, Ohio.