Farmers National Bank to acquire 1st National Community Bank
CANFIELD – Farmers National Bank is expanding.
Farmers National Banc Corp, the holding company for the Canfield-based bank, and Tri-State First Banc Inc., holding company for 1st National Community Bank, announced in a news release Wednesday they have entered into an agreement and plan of merger.
“We are pleased to announce the acquisition of Tri-State and welcome Tri-State’s customers and employees to Farmers,” said Kevin J. Helmick, president and CEO of Farmers, in the news release. “The transaction will increase Farmers’ market share by 65 percent in Columbiana County and we will now have the second highest deposit base in the county. In addition, this transaction will serve as an entrance into the Pennsylvania market for Farmers.”
Upon consummation of the transaction, 1st National will be merged with and into Farmers National Bank. At that time, 1st National branches will become branches of Farmers National.
Upon closing, Farmers estimates it will have approximately $1.8 billion in assets and 38 banking locations throughout Ohio and western Pennsylvania.
Tri-State is headquartered in East Liverpool and has four banking locations in Columbiana County and Beaver County, Pa. As of March 31, Tri-State had total assets of $139.5 million, which included gross loans of $67 million and deposits of $122.9 million.
Each shareholder of Tri-State will be entitled to either $14.20 per share in cash or 1.747 of Farmers common shares, subject to an overall limitation of 75 percent of the shares being exchanged for Farmers shares and 25 percent for cash.
Based on Farmers’ closing share price of $8.20 on June 23, the transaction is valued at approximately $14.2 million.