Farmers National Banc Corp., the holding company for The Farmers National Bank of Canfield, and Maple Leaf Financial Inc., the holding company for Geauga Savings Bank, are merging.
The transaction increases Farmers’ market share in Cuyahoga and Geauga Counties and sets the company up to build local scale throughout Northeast Ohio.
The transaction is valued at approximately $39.6 million and is expected to close in the fourth quarter of 2019 or first quarter of 2020.
Upon consummation of the transaction, Geauga will be merged with and into Farmers National Bank and Geauga branches will become branches of Farmers National Bank. Upon closing, Farmers estimates it will have approximately $2.7 billion in assets and 42 locations throughout Ohio and western Pennsylvania.
As of June 30, 2019, Maple Leaf had total assets of $277.8 million, which included gross loans of $186.4 million, deposits of $191.0 million and equity of $32.9 million.
Raymond James & Associates, Inc. is serving as financial adviser to Farmers and Vorys, Sater, Seymour and Pease LLP is serving as legal counsel to Farmers on the transaction.
Boenning & Scattergood, Inc. is serving as financial adviser to Maple Leaf and Ulmer & Berne LLP is serving as legal counsel to Maple Leaf on the transaction.
