Farmers National Banc Corp. in Canfield, Ohio, has agreed to buy Monitor Bancorp in Big Prairie, Ohio.
The $1.9 billion-asset Farmers National said in a press release Monday that it will pay about $7.8 million in cash and stock for the $43.3 million-asset Monitor. The deal is expected to close in the second or third quarter.
“Monitor has an excellent core deposit base and has been a solid earner with strong asset quality,” Kevin Helmick, Farmers’ president and CEO, said in the release. “This transaction helps Farmers continue to grow its market share, balance sheet and earnings.”
Farmers is expected to sell Monitor’s interest in Monitor Wealth Group.
James Small, Monitor’s chairman, is vice chairman at Farmers.
Boenning & Scattergood and Vorys, Sater, Seymour & Pease advised Farmers. Critchfield, Critchfield & Johnston advised Monitor while ProBank Austin issued a fairness opinion.