Farmers National Banc Corp. Announces Receipt of Regulatory Approvals for Merger with Monitor Bancorp, Inc.
July 24 2017 - 4:05PM
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”), today announced that it has
received regulatory approvals, including approval from The Federal
Reserve Bank of Cleveland and the Office of the Comptroller of the
Currency, necessary to complete the proposed merger of Monitor
Bancorp, Inc. (“Monitor”) with and into FMNB Merger Subsidiary II,
LLC (“Merger Sub”), a newly-formed wholly-owned subsidiary of
Farmers (the “Merger”), pursuant to the Agreement and Plan of
Merger dated as of March 13, 2017 by and among Monitor, Merger Sub
and Farmers (the “Merger Agreement”), and the related merger of
Monitor’s wholly-owned subsidiary bank, The Monitor Bank (“Monitor
Bank”), with and into Farmers National Bank. Subject to the
approval of the Merger by the shareholders of Monitor, and the
satisfaction of other customary closing conditions contained in the
Merger Agreement, the Merger is expected to be completed during the
third calendar quarter of 2017.
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/20170724005970/en/
Farmers National Banc Corp.Amber Wallace, 330-720-6441Senior
Vice President, Marketingawallace@farmersbankgroup.com
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