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Note 12 - Pending Mergers
6 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Business Combination Disclosure [Text Block]

12.

Pending Mergers

 

On March 23, 2022, the Corporation, Farmers National Banc Corp., an Ohio corporation (“Farmers”) and FMNB Merger Subsidiary V, LLC, a wholly-owned subsidiary of Farmers (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Farmers will acquire the Corporation pursuant to the merger of the Corporation with and into the Merger Sub (the “Merger”). Promptly following the consummation of the Merger, the Bank will merge with and into The Farmers National Bank of Canfield, the national banking subsidiary of Farmers (the “Bank Merger”).   Upon completion of the Merger, each share of common stock of the Corporation  will be converted into the right receive right to receive, at the election of the holder, either $40.00 in cash or 2.15 shares of common stock of Farmers, subject to allocation and proration procedures to ensure that 70% of the outstanding shares of the Corporation common stock are converted into the right to receive Farmers common stock and 30% are converted into the right to receive cash. On July 20, 2022, the shareholders of the Corporation approved the Merger Agreement.  Consummation of the Merger is subject to a number of customary conditions, including, but not limited to, the receipt of required regulatory approvals. The transaction is expected to be completed in the second half of 2022.