Farmers National (FMNB) in Canfield, Ohio, has finally reached a separation agreement with a chief executive it ousted six months earlier.
The $1.1 billion-asset company said in a regulatory filing last week that John Gulas also resigned from its board on March 23. Gulas was relieved of his duties at the company in early October. Kevin Helmick, who had been the company's executive vice president of retail and wealth management, succeeded Gulas.
Farmers National also said in its filing that it will pay Gulas a $152,000 in severance and $65,000 tied to his unused paid time off. In return, Gulas has a 12-month noncompete restriction, starting with his termination date. He is also barred from soliciting Farmers National's customers for 12 months and employees for 24 months.