Emclaire Financial gets shareholders’ approval for merger with Farmers National Banc
Emclaire Financial Corp., a Pennsylvania-based bank holding company, has secured shareholder approval for the previously announced $105 million merger deal with Ohio-based Farmers National Banc Corp.
Over 98% of Emclaire Financial shareholders’ votes were cast in favor of approving the deal that was announced in March 2022.
Emclaire Financial, which is the parent company of the Farmers National Bank of Emlenton, will merge into Farmers National Banc, the holding company for The Farmers National Bank of Canfield.
Farmers National Bank of Emlenton operates 19 offices in Pennsylvania. On the other hand, Farmers National Bank of Canfield has 46 branches in Ohio and Pennsylvania.
Farmers National Banc and Farmers National Bank of Canfield will be the surviving entities after the closing of the merger.
Kevin J. Helmick — Farmers National Banc President and CEO said: “I would like to thank the Emclaire shareholders for their approval of this merger. We believe this demonstrates shareholder confidence in the financial and strategic benefits of the transaction.
“The combination of our two companies will drive value for stakeholders, while continuing to celebrate and execute our community banking model.”
As per the terms of the deal, shareholders of Emclaire Financial can opt to be paid $40 per share in cash or issued 2.15 shares of Farmers National Banc for each of their shares.
William C. Marsh — Emclaire Financial Chairman, President and CEO said: “With this merger, we will build on our community banking heritage while providing enhanced strength, size and stability for our customers and the communities we serve.”
The deal is now subject to regulatory approvals and is likely to close in the third quarter of this year.