Welcome to our dedicated page for Farmers National Banc news (Ticker: FMNB), a resource for investors and traders seeking the latest updates and insights on Farmers National Banc stock.
Farmers National Banc Corp (symbol: FMNB) is a diversified financial services company headquartered in Canfield, Ohio, founded in 1887. With approximately $1.6 billion in banking assets and $1 billion in trust assets, Farmers National Banc Corp stands as a robust and dependable institution in the financial sector. The company operates through several wholly-owned subsidiaries, including Farmers National Bank, Farmers Trust Company, and Farmers National Insurance, LLC.
Farmers National Bank is a full-service national bank offering commercial and retail banking services across 39 locations in Mahoning, Trumbull, Columbiana, Stark, Summit, Wayne, Medina, and Cuyahoga counties in Ohio, as well as Beaver County in Pennsylvania. The bank provides a wide range of services to meet the financial needs of both individuals and businesses, ensuring a high level of customer satisfaction and community engagement.
Farmers Trust Company operates two trust offices offering services in the same geographic markets as the bank. This subsidiary focuses on trust and retirement consulting, helping clients manage and grow their assets with confidence.
Farmers National Insurance, LLC, another wholly-owned subsidiary of Farmers National Bank, offers a variety of insurance products tailored to the diverse needs of their clientele. From personal insurance policies to comprehensive business coverage, the company ensures that all aspects of financial security are addressed.
Operating Segments: Farmers National Banc Corp operates primarily in two segments: the Bank segment and the Trust segment. The majority of the company’s revenue is derived from its banking operations, which include securities underwriting and dealing, insurance agency and underwriting activities, and merchant banking activities. This diversified approach helps to stabilize income streams and reduce risk.
In recent years, Farmers National Banc Corp has continued to innovate and expand its service offerings. The company remains committed to providing superior financial solutions for its customers, associates, shareholders, and the community. Through strategic partnerships and forward-thinking initiatives, Farmers National Banc Corp continues to uphold its reputation as a leading financial services provider in the region.
Farmers National Banc Corp. (FMNB) announced it received necessary regulatory approvals for merging with Cortland Bancorp. The merger will involve Cortland’s bank, The Cortland Savings and Banking Company, being integrated into Farmers National Bank. The merger is contingent on Cortland’s shareholders’ approval and other customary closing conditions, with completion anticipated in Q4 2021. Farmers, headquartered in Canfield, Ohio, manages over $3.3 billion in banking assets and has a diversified financial service structure.
Farmers National Banc Corp. (NASDAQ: FMNB) and Cortland Bancorp (NASDAQ: CLDB) announced a merger proposal with an election deadline for Cortland shareholders set for October 25, 2021. Shareholders can choose between cash or Farmers common shares for their Cortland common stock. The merger requires approval from Cortland's shareholders at a special meeting on October 26, 2021. Relevant election materials were sent starting September 27, 2021, and questions can be directed to Georgeson LLC, the Information Agent.
Farmers National Banc Corp. (NASDAQ: FMNB) announced a quarterly cash dividend of
Farmers National Banc Corp. (NASDAQ: FMNB) has appointed Frank J. Monaco to its Board of Directors effective July 27, 2021. Monaco, a Senior Partner at 415 Group, brings extensive business and consulting experience, particularly in mergers and acquisitions. He holds multiple certifications including CPA and CFF. His addition to the board aims to enhance the leadership structure of Farmers National, which manages $3.3 billion in banking assets and $3.1 billion in wealth management assets as of June 30, 2021. This strategic move reflects the company's commitment to strong governance.
Farmers National Banc Corp. (FMNB) reported net income of $15.6 million, or $0.55 per diluted share for Q2 2021, up from $11.0 million, or $0.39 per share in Q2 2020. Excluding acquisition costs, net income was $15.7 million. The return on average assets and equity improved to 1.90% and 17.17% respectively. Loans decreased 8.8% to $1.96 billion, primarily due to a reduction in PPP loans. Deposits grew 17% to $2.8 billion. Farmers announced a merger with Cortland Bancorp, bolstering its market share in Northeast Ohio, expected to close in Q4 2021.
Farmers National Banc Corp. (FMNB) has announced a merger agreement with Cortland Bancorp Inc. (CLDB), allowing Cortland shareholders to choose between $28.00 per share in cash or 1.75 shares of Farmers' stock. The transaction values Cortland at approximately $124 million, or $29.14 per share, based on Farmers' June 22, 2021 closing price. The merger is expected to qualify as a tax-free reorganization and close in Q4 2021, pending shareholder and regulatory approvals. Cortland's executives will join Farmers' management team post-merger.
Farmers National Banc Corp. (NASDAQ: FMNB) announces leadership changes in its Accounting and Finance Executive Group. Chief Financial Officer Carl D. Culp will retire on August 15, 2021, after 36 years in the industry, including 25 years at Farmers. He will offer advisory services during the transition. Troy Adair, formerly with Premier Bank, will succeed Culp as CFO, while Joseph Sabat has been promoted to Vice President, Chief Accounting Officer. President and CEO Kevin Helmick emphasized these appointments as a commitment to high performance.
On May 25, 2021, Farmers National Banc Corp. (NASDAQ: FMNB) declared a quarterly cash dividend of $0.11 per share. The record date for this dividend is June 11, 2021, with payment scheduled for June 30, 2021. Farmers National Banc Corp., founded in 1887, operates as a diversified financial services company, holding $3.3 billion in banking assets. Its subsidiaries include The Farmers National Bank of Canfield, Farmers Trust Company, and Farmers National Insurance, which collectively manage $2.9 billion in wealth management assets as of March 31, 2021.
Farmers National Banc Corp. (FMNB) reported strong financial results for Q1 2021, posting net income of $14.6 million or $0.51 per diluted share, up from $8.6 million or $0.30 in Q1 2020. The annualized return on average assets and equity increased to 1.87% and 16.81%, respectively. Total loans grew 3.1% to $2.04 billion, bolstered by $136.8 million in Paycheck Protection Program (PPP) loans. Noninterest income surged by 34.5% to $10.6 million, while noninterest expenses decreased by 5.17%. The efficiency ratio improved significantly to 48.24%. Farmers continues to provide financial assistance to COVID-19 affected customers.
On February 23, 2021, Farmers National Banc Corp. (NASDAQ: FMNB) declared a quarterly cash dividend of $0.11 per share. The dividend's record date is March 12, 2021, with payment to shareholders scheduled for March 31, 2021. The company, founded in 1887 and headquartered in Canfield, Ohio, has $3 billion in banking assets and operates numerous banking locations across Ohio and Pennsylvania. As of December 31, 2020, total wealth management assets under care stood at $2.8 billion.
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