BOWLING GREEN, Ohio -- Mid Am Inc. said it has completed the acquisition of $66 million-asset Farmers Savings Bank.
Effective June 4, Farmers merged with $700 million-asset Mid American National Bank and Trust Co., a Mid Am affiliate.
Farmers, with offices in Stony Ridge, Northwood, and Perrysburg Township, will expand Mid Am Bank's presence in the northwest Ohio market, said Edward J. Reiter, Mid Am's chairman and chief executive.
Mid American National has 34 offices in seven countries. It will maintain Farmers' management and staff, the company said.
Under the terms of the agreement, Farmers shareholders will receive 5.2 shares of Mid Am common stock for each share of Farmers common stock. The transaction is valued at $8.24 million.
Mid Am earned $5.9 million for the first quarter, a 12% increase over first-quarter 1993. The company reported return on equity of 16.1% and return on assets of 1.33%.
Mid Am's other affiliates include First National Bank Northwest Ohio, Bryan; American Community Bank, Lima; Amerifirst Bank, Xenia; and Mid Am Information Services, its data processing affiliate.