Farmers National Banc Corp. and Monitor Bancorp, Inc. Announce Election Deadline of August 10, 2017
July 24 2017 - 04:05PM
Business Wire
Farmers National Banc Corp. (“Farmers” or the “Company”)
(NASDAQ: FMNB), the holding company for The Farmers National Bank
of Canfield (“Farmers National Bank”), and Monitor Bancorp, Inc.
(“Monitor”), the holding company for The Monitor Bank (“Monitor
Bank”), today announced a tentative election deadline of 5:00 p.m.,
Eastern Daylight Time, August 10, 2017 (the “Election Deadline”)
for shareholders of Monitor to elect the form of consideration they
wish to receive in connection with the proposed merger of Monitor
with and into FMNB Merger Subsidiary II, LLC, a newly-formed,
wholly-owned subsidiary of Farmers (the “Merger”). The Election
Deadline may be extended, in which case Farmers and Monitor will
issue a press release announcing the new election deadline. As
previously announced, shareholders of Monitor can elect to receive,
for each Monitor common share held, either cash or Farmers common
shares in connection with the Merger, although such elections are
subject to proration and adjustment procedures which are described
in the Proxy Statement/Prospectus dated July 17, 2017, prepared in
connection with the Merger. Shareholders of Monitor are reminded
that if they wish to make an election, they must complete, sign and
return a Letter of Transmittal and Election Form to Computershare
Trust Company, N.A., as exchange agent, by the Election Deadline.
Shareholders of Monitor who hold their common shares through a
bank, broker, trust company or other nominee may have an earlier
election deadline and should carefully review any instructions
received from their bank, broker, trust company or other nominee.
The documents necessary for shareholders of Monitor to make an
election for their Merger consideration were mailed beginning July
21, 2017.
A special meeting of the shareholders of Monitor is being held
on August 8, 2017 for purposes of considering and voting on a
proposal to approve the Merger. Closing of the Merger is subject to
approval of Monitor’s shareholders and other customary closing
conditions. Shareholders of Monitor are reminded to vote before the
commencement of the special meeting at 9:00 a.m. on August 8,
2017.
Shareholders of Monitor with questions regarding the election
procedures, who want up to date information on the Election
Deadline, or who wish to obtain copies of the election materials,
may contact Computershare Trust Company, N.A., the Exchange Agent,
at 1-866-596-2937.
ABOUT FARMERS NATIONAL BANC CORP.
Founded in 1887, Farmers is a diversified financial services
company headquartered in Canfield, Ohio, with over $2 billion in
banking assets and over $1 billion in trust assets. Farmers’
wholly-owned subsidiaries are comprised of Farmers National Bank, a
full-service national bank engaged in commercial and retail banking
with 38 banking locations in Mahoning, Trumbull, Columbiana, Stark,
Summit, Wayne, Medina and Cuyahoga Counties in Ohio and Beaver
County in Pennsylvania, Farmers Trust Company, which operates two
trust offices and offers services in the same geographic markets
and National Associates, Inc. Farmers National Insurance, LLC, a
wholly-owned subsidiary of Farmers National Bank, offers a variety
of insurance products.
ABOUT MONITOR BANCORP, INC.
Monitor’s subsidiary, Monitor Bank, is headquartered in Big
Prairie, Ohio with one banking office in Big Prairie.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are not historical facts, but rather
statements based on the Company’s current expectations regarding
its business strategies and its intended results and future
performance. Forward-looking statements are preceded by terms such
as “expects,” “believes,” “anticipates,” “intends” and similar
expressions, as well as any statements related to future
expectations of performance or conditional verbs, such as “will,”
“would,” “should,” “could” or “may.”
Forward-looking statements are not guarantees of future
performance. Numerous risks and uncertainties could cause or
contribute to the Company’s actual results, performance, and
achievements to be materially different from those expressed or
implied by the forward-looking statements. Factors that could cause
Farmers’ actual results to differ materially from those described
in the forward-looking statements can be found in Farmers’ Annual
Report on Form 10-K for the year ended December 31, 2016, which has
been filed with the Securities and Exchange Commission (“SEC”) and
is available on Farmers’ website (www.farmersbankgroup.com) and on
the SEC’s website (www.sec.gov). Factors that may cause or
contribute to these differences may also include, without
limitation, the Company’s failure to integrate Monitor and
Monitor Bank in accordance with expectations; deviations from
performance expectations related to Monitor and Monitor Bank;
general economic conditions, including changes in market interest
rates and changes in monetary and fiscal policies of the federal
government; legislative and regulatory changes; competitive
conditions in the banking markets served by the Company’s
subsidiaries; the adequacy of the allowance for losses on loans and
the level of future provisions for losses on loans; and other
factors disclosed periodically in the Company’s filings with the
SEC.
Because of the risks and uncertainties inherent in
forward-looking statements, readers are cautioned not to place
undue reliance on them, whether included in this report or made
elsewhere from time to time by the Company or on the Company’s
behalf. The Company assumes no obligation to update any
forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20170724005972/en/
Farmers National Banc Corp.Amber Wallace, 330-720-6441Senior
Vice President, Marketingawallace@farmersbankgroup.com
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