Farmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB),
the holding company for 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 National Bancshares Corporation (“NBOH”) with and
into Farmers (the “Merger”) pursuant to the Agreement and Plan of Merger
dated as of January 27, 2015 by and between Farmers and NBOH (the
“Merger Agreement”), and the related merger of NBOH’s wholly-owned
subsidiary bank, First National Bank, with and into Farmers National
Bank, Farmer’s wholly-owned subsidiary bank. Subject to the approval of
the Merger by the shareholders of both Farmers and NBOH, and the
satisfaction of other customary closing conditions contained in the
Merger Agreement, the Merger is expected to be completed late in the
second calendar quarter of 2015.
ABOUT FARMERS NATIONAL BANC CORP.
Founded in 1887, Farmers is a diversified financial services company
headquartered in Canfield, Ohio, with more than $1 billion in Banking
assets and $1 billion in Trust assets. Farmers’s wholly-owned
subsidiaries are comprised of The Farmers National Bank, a full-service
national bank engaged in commercial and retail banking with 19 banking
locations in Mahoning, Trumbull, Columbiana, Stark and Cuyahoga Counties
in Ohio, 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 The
Farmers National Bank, offers a variety of insurance products.
If the Merger is completed, Farmers is projected to have assets of
approximately $1.7 billion and will operate 33 branches.
ABOUT NATIONAL BANCSHARES CORPORATION
NBOH’s subsidiary, First National Bank, is headquartered in Orrville,
Ohio with fourteen banking offices in Orrville, Massillon, Wooster,
Apple Creek, Dalton, Kidron, Lodi, Mt. Eaton, Salem, Seville and
Smithville.
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 our business strategies and
their 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 may cause or contribute to these differences
include, without limitation, the Company's failure to integrate National
Bancshares and First National Bank in accordance with expectations;
deviations from performance expectations related to National Bancshares
and First National 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 Securities and Exchange
Commission.
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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