Farmers National Banc Corp., the holding company for The Farmers National Bank of Canfield (Farmers National Bank), completed the merger of Cortland Bancorp, the holding company for the Cortland Savings and Banking Company (Cortland Bank), with and into FMNB Merger Subsidiary IV, a newly-formed, wholly-owned subsidiary of Farmers. Following the merger, Cortland Bank was merged with and into Farmers National Bank. As a result of the merger, shares of Cortland are no longer traded on the NASDAQ Capital Market.
“I am excited to close our sixth acquisition in the last six years. Cortland expands our presence within compelling northeast Ohio markets, including Summit and Portage counties, while increasing our bank assets to over $4.1 billion and our wealth assets to over $3 billion, making us one of the largest community banks in the state of Ohio,” Kevin J. Helmick, president and CEO of Farmers, said. “In addition, we look forward to offering our modern and comprehensive financial services to Cortland’s customers and growing our local relationships across Cortland’s footprint. On behalf of everyone at the company, we are pleased to welcome the customers, employees and shareholders of Cortland to Farmers National Banc Corp.”
As noted by Helmick, Farmers, which is headquartered in Canfield, OH, now has more than $4.1 billion in banking assets and more than $3 billion in wealth management assets under care and operates 48 branches in Mahoning, Trumbull, Columbiana, Stark, Summit, Portage, Wayne, Medina, Geauga and Cuyahoga counties in Ohio and Beaver County in Pennsylvania.
In connection with the Merger, Farmers also added two members of Cortland’s board of directors to its board of directors: Richard Thompson and Neil Kaback, CPA, CGMA.
“Both Richard and Neil bring with them diverse backgrounds from various industries. We look forward to their expertise in helping increase value to our shareholders,” Helmick said.
