Farmers National Banc (FMNB) in Canfield, Ohio, is buying an employeebenefits consultant.
The $1 billion-asset company said Monday that it had agreed to acquire National Associates. It did not disclose the price of the deal, which is expected to close by the end of July.
National Associates, of Rock River, Ohio, administers about $500 million in assets on behalf of about 200 pension, profit sharing and other employer-sponsored retirement and health plans.
"We have plans for a smooth transition, followed by a multiyear growth plan of fee revenues that will complement the synergies of our wealth management division," John Gulas, Farmers National's chief executive, said in a press release.
"By partnering with Farmers, [National Associates] is able to offer continued stability while introducing additional value-added services to our clientele," Gerrit Kuechle, National Associates' president, said.
Farmers, which also administers $1 billion in trust assets, has 19 branches and two trust offices in eastern Ohio.