Canfield, Ohio-based Farmers National Banc Corp is acquiring Middlefield, Ohio-based Middlefield Banc Corp. for nearly $300 million. .Announced Oct. 22, the all-stock deal is expected to close by the end of the first quarter of next year and result in a bank with $7.4 billion in assets and 83 branches in northeast and central Ohio along with western Pennsylvania. Farmers National Banc Corp is the holding company for The Farmers National Bank of Canfield. As of Sept. 30, Middlefield Banc Corp., the holding company for The Middlefield Banking Company, had $2 billion in total assets and $1.6 billion each in total loans and total deposits. The deal is Farmers National Banc Corp’s seventh in the past decade “and reflects our proven track record of executing and integrating strategic M&A,” said President and CEO Kevin Helmick. “The merger brings together two high-performing community banks with complementary markets, shared values and a common vision for growth,” he added. “We know Middlefield and its markets well, and this partnership not only deepens our presence in Northeast Ohio but meaningfully expands our footprint across Central and Western Ohio markets,” he added. Middlefield President and CEO Ronald Zimmerly Jr. said customers “will benefit from a broader suite of financial products and advanced digital capabilities, while continuing to receive the same personalized service and local decision-making that define our culture.” Farmers will appoint two Middlefield directors to its board of directors. Philadelphia-based Janney Montgomery Scott LLC is financial adviser to Farmers, while Columbus-based Vorys, Sater, Seymour and Pease is legal counsel to the company. St. Petersburg, Fla.-based Raymond James & Associates is financial adviser to Middlefield while Columbia, S.C.-based Nelson Mullins Riley & Scarborough is legal counsel to Middlefield.
