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Farmers National Banc Corp. in Canfield, Ohio, has agreed to buy National Bancshares in Orrville, Ohio.
January 27 -
Farmers National Banc (FMNB) in Canfield, Ohio, has named Kevin Helmick its permanent president and chief executive officer.
November 7 -
F.N.B. in Pittsburgh has agreed to buy five branches from Bank of America in eastern Pennsylvania.
May 27
Farmers National Banc in Canfield, Ohio, has agreed to buy Tri-State First Banc in East Liverpool, Ohio.
The $1.6 billion-asset Farmers agreed to pay $14.2 million in cash and stock for the $140 million-asset Tri-State, with the stock portion limited to 75% of the price. Tri-State stockholders can receive $14.20 in cash, or 1.747 of Farmers' common shares, per share of Tri-State.
The deal is expected to close in the fourth quarter.
Farmers expects the deal to be accretive to earnings for the first full year of operation, excluding merger costs, and to earn back the dilution of tangible book value in about two years. The deal is Farmers' second this year for an Ohio-based bank, after it
Tri-State operates five branches of 1st National Community Bank in Ohio and Pennsylvania.
Raymond James is financial adviser to Farmers and Vorys, Sater, Seymour and Pease is its legal counsel. Boenning & Scattergood is Tri-State's financial adviser and Buchanan Ingersoll & Rooney is legal counsel.
