UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 7, 2020
Farmers National Banc Corp.
(Exact name of registrant as specified in its charter)
Ohio | 001-35296 | 34-1371693 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
20 South Broad Street, P.O. Box 555, Canfield, Ohio | 44406-0555 | |||
(Address of principal executive offices) | (Zip Code) |
(330) 533-3341
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol |
Name of each exchange on which registered | ||
Common Stock, No Par Value | FMNB | The NASDAQ Stock Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.01 | Completion of Acquisition or Disposition of Assets. |
On January 7, 2020, Farmers National Banc Corp. (the Company), the parent company of The Farmers National Bank of Canfield (Farmers National Bank) completed its merger with Maple Leaf Financial, Inc. (Maple Leaf), the parent company of Geauga Savings Bank (Geauga Savings), pursuant to the terms of the Agreement and Plan of Merger dated as of August 29, 2019 (the Merger Agreement) by and among the Company, Maple Leaf, and FMNB Merger Subsidiary III, LLC, a newly-formed, wholly-owned subsidiary of the Company (Merger Sub). Pursuant to the terms of the Merger Agreement, Maple Leaf was merged with and into Merger Sub and Geauga Savings was merged with and into Farmers National Bank (the Mergers). Immediately thereafter Merger Sub was dissolved and liquidated. As a result of the Mergers, Farmers National Bank will operate the former branches of Geauga Savings.
Item 8.01 | Other Events. |
On January 7, 2020, the Company issued a press release announcing the completion of the Mergers. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Forward Looking Statements.
The press release attached to this Form 8-K 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 Companys 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 Companys actual results, performance, and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that could cause the Companys actual results to differ materially from those described in the forward-looking statements can be found in the Companys Annual Report on Form 10-K for the year ended December 31, 2018, which has been filed with the Securities and Exchange Commission (SEC) and is available on the Companys website (www.farmersbankgroup.com) and on the SECs website (www.sec.gov). Factors that may cause or contribute to these differences may also include, without limitation, the Companys failure to integrate Maple Leaf and its subsidiary Geauga Savings Bank in accordance with expectations; deviations from performance expectations related to Maple Leaf and Geauga Savings 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 Companys 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 Companys 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 Companys behalf. The Company assumes no obligation to update any forward-looking statements.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit |
Description | |
99.1 | Press Release dated January 7, 2020. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Farmers National Banc Corp. | ||
By: | /s/ Kevin J. Helmick | |
Kevin J. Helmick | ||
President and Chief Executive Officer |
Date: January 7, 2020
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact:
Amber Wallace
Executive Vice President, Chief Retail and Marketing Officer
330-720-6441
awallace@farmersbankgroup.com
Farmers National Banc Corp.
Announces Completion of Mergers with Maple Leaf Financial, Inc.,
and its subsidiary, Geauga Savings Bank
CANFIELD, OHIO, January 7, 2020 Farmers National Banc Corp. (Farmers or the Company) (NASDAQ: FMNB), the holding company for The Farmers National Bank of Canfield (Farmers National Bank), announced on January 7, 2020 that it completed the merger of Maple Leaf Financial, Inc. (Maple Leaf), the holding company for Geauga Savings Bank (Geauga) into FMNB Merger Subsidiary III, LLC, a newly-formed, wholly-owned subsidiary of Farmers, and the merger of Geauga Savings Bank into Farmers National Bank.
We are excited to complete this transaction, our fourth bank acquisition since 2015. In addition, we look forward to bring our successful community banking model to the attractive Geauga market and expand our profile in Cuyahoga County, said Kevin J. Helmick, President & CEO of Farmers.
Farmers, headquartered in Canfield, Ohio, now has $2.7 billion in banking assets, over $1.3 billion in trust assets, and operates 41 branches in Northeast Ohio and Western Pennsylvania.
ABOUT FARMERS NATIONAL BANC CORP.
Founded in 1887, Farmers is a diversified financial services company headquartered in Canfield, Ohio, with $2.7 billion in banking assets and over $1.3 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 41 banking locations in Mahoning, Trumbull, Columbiana, Stark, Summit, Wayne, Medina, Geauga 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.
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 Companys 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 Companys 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, 2018, which has been filed with the Securities and Exchange Commission (SEC) and is available on Farmers website (www.farmersbankgroup.com) and on the SECs website (www.sec.gov). Factors that may cause or contribute to these differences may also include, without limitation, the Companys failure to integrate Maple Leaf and Geauga Savings Bank in accordance with expectations; deviations from performance expectations related to Maple Leaf and Geauga Savings 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 Companys 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 Companys 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 Companys behalf. The Company assumes no obligation to update any forward-looking statements.