Farmers National expands near Cleveland with Maple Leaf purchase
Farmers National Banc in Canfield, Ohio, has agreed to buy Maple Leaf Financial in Newbury, Ohio.
The $2.4 billion-asset Farmers said in a press release Friday that it will pay $39.6 million in cash and stock for the $278 million-asset Maple Leaf. The deal is expected to close late this year or in the first quarter.
Maple Leaf has $186 million in loans and $191 million in deposits.
“The transaction increases [our] market share in Cuyahoga and Geauga Counties and enables Farmers to continue building local scale throughout northeast Ohio,” Kevin Helmick, Farmers’ president and CEO, said in the release.
Farmers said it expects the transaction to be accretive to earnings per share in the first full year of operation, excluding one-time merger costs. It should take less than two years for Farmers to earn back any dilution to its tangible book value.
Raymond James and Vorys, Sater, Seymour and Pease advised Farmers. Boenning & Scattergood and Ulmer & Berne advised Maple Leaf.