Farmers National Banc Corp. Acquires Crest Retirement Advisors LLC

Rhea-AI Summary

Farmers National Banc Corp (NASDAQ: FMNB) has announced that its subsidiary, National Associates, Inc., has completed the acquisition of Crest Retirement Advisors on December 16, 2024. Crest, founded in 2014 and based in Dublin, Ohio, specializes in providing customized retirement plans and administrative services to small businesses in Central Ohio.

The acquisition, which is expected to be immediately accretive to earnings, aligns with Farmers' multi-year growth strategy to expand its Wealth Management business and increase presence in Central Ohio. Crest will continue operating under its current name and location but is expected to merge with National Associates Inc. Farmers currently manages $4.0 billion in total wealth management assets under care as of September 30, 2024, and has $5.2 billion in banking assets.

Positive

• Acquisition expected to be immediately accretive to earnings
• Strategic expansion into Central Ohio market
• Enhances wealth management services portfolio
• Maintains existing Crest business operations and client relationships

Negative

• None.

Insights

Financial Analyst

The acquisition of Crest Retirement Advisors represents a strategic expansion of Farmers National's wealth management division. With $4.0 billion in assets under care, this acquisition strengthens FMNB's retirement services capabilities and extends its footprint in the lucrative Central Ohio market. The deal's immediate accretive nature to earnings indicates positive financial synergies. Crest's focus on small business retirement plans complements Farmers' existing services and provides cross-selling opportunities for banking products. The transaction aligns with the industry trend of regional banks expanding their fee-based revenue streams through wealth management acquisitions, helping to diversify income sources beyond traditional banking operations.

Market Research Analyst

This acquisition demonstrates FMNB's commitment to expanding its market presence beyond its traditional strongholds. The Dublin, Ohio location strategically positions Farmers in the growing Central Ohio market, which offers significant potential for wealth management services given its robust small business ecosystem. The retention of Crest's brand and location suggests a thoughtful integration approach that preserves existing client relationships while leveraging Farmers' broader platform. The deal enhances FMNB's competitive position against larger financial institutions in the region and provides a scalable platform for future growth in retirement services.

CANFIELD, Ohio--(BUSINESS WIRE)-- Farmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) today announced that National Associates, Inc., a subsidiary of Farmers, has completed the acquisition of Crest Retirement Advisors LLC (“Crest”). The transaction closed on December 16, 2024, and is expected to be accretive to earnings immediately. Crest will continue to operate under its name and from its current location in Dublin, Ohio but is expected to merge with National Associates Inc.

Crest was founded in 2014 and provides customized retirement plans and ongoing administrative services to small businesses. Crest leverages its knowledge of the industry rules and regulations in a manner that provides a retirement plan that is ideal for both the principals and employees. The majority of Crest’s business comes from Central Ohio.

“Since 2014, Crest has helped Columbus-area small businesses create, administer, and manage customized retirement plans,” says Kevin J. Helmick, President & CEO for Farmers. “Crest aligns with our multi-year growth strategy by profitably expanding our Wealth Management business, while increasing our presence in Central Ohio. On behalf of everyone at Farmers, I want to welcome Crest’s clients and team members to the Company.”

“By partnering with Farmers, Crest will remain focused on providing our small business clients and professionals with best-in-class and customized retirement services, while adding the full-suite of Farmers’ banking solutions,” stated Allanya Frank, Vice President and Principal with Crest Retirement. “Farmers growing presence in Ohio and Pennsylvania is exciting and offers Crest an excellent platform to grow and provide more services to our clients. We look forward to our future as part of Farmers,” says Rob Martin, Crest’s President and Founder.

Onda LaBuhn Ernsberger & Boggs Co., LPA served as legal counsel to Crest and Vorys, Sater, Seymour and Pease LLP served as legal counsel to Farmers on the transaction.

About Farmers National Banc Corp.

Founded in 1887, Farmers National Banc Corp. is a diversified financial services company headquartered in Canfield, Ohio, with $5.2 billion in banking assets. Farmers National Banc Corp.’s wholly-owned subsidiaries are comprised of The Farmers National Bank of Canfield, a full-service national bank engaged in commercial and retail banking with 62 banking locations in Mahoning, Trumbull, Columbiana, Portage, Stark, Wayne, Medina, Geauga and Cuyahoga Counties in Ohio and Beaver, Butler, Allegheny, Jefferson, Clarion, Venango, Clearfield, Mercer, Elk and Crawford Counties in Pennsylvania, and Farmers Trust Company, which operates five trust offices and offers services in the same geographic markets. Total wealth management assets under care at September 30, 2024 are $4.0 billion. Farmers National Insurance, LLC, a wholly-owned subsidiary of The Farmers National Bank of Canfield, offers a variety of insurance products.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241216105293/en/

Amber Wallace

Senior Executive Vice President, Chief Retail and Marketing Officer

330-720-6441

awallace@farmersbankgroup.com

Source: Farmers National Banc Corp.

FAQ

When did Farmers National Banc Corp (FMNB) acquire Crest Retirement Advisors?

Farmers National Banc Corp completed the acquisition of Crest Retirement Advisors on December 16, 2024.

What is the financial impact of Crest acquisition on FMNB earnings?

The acquisition is expected to be accretive to earnings immediately upon closing.

Will Crest Retirement Advisors continue operating under its own name after FMNB acquisition?

Yes, Crest will initially continue to operate under its name and from its current location in Dublin, Ohio, but is expected to eventually merge with National Associates Inc.

How much assets under management does FMNB have as of September 2024?

As of September 30, 2024, Farmers National Banc Corp had $4.0 billion in total wealth management assets under care and $5.2 billion in banking assets.

What is the strategic significance of FMNB's Crest acquisition?

The acquisition aligns with Farmers' multi-year growth strategy by expanding their Wealth Management business and increasing their presence in Central Ohio.