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Farmers National Banc to Acquire Maple Leaf Financial in Deal Valued at USD 39m
Wednesday 04 September 2019

4 September 2019 - Ohio, US-based Farmers National Banc Corp. (NASDAQ: FMNB), the holding company for The Farmers National Bank of Canfield, has entered into an agreement and plan of merger to acquire Ohio-based Maple Leaf Financial, Inc., the holding company for Geauga Savings Bank, the company said.

Under the deal, each shareholder of Maple Leaf may elect to receive either USD 640.00 per share in cash or 45.5948 of Farmers' common shares, subject to an overall limitation of 50% of the shares being exchanged for Farmers' shares and 50% for cash.

Based on Farmers' closing share price of USD 13.73 on August 29, 2019, the transaction is valued at approximately USD 39.6m. The company expects the transaction to close in 4Q19 or 1Q20.

The transaction increases Farmers' market share in Cuyahoga and Geauga Counties and enables Farmers to continue building local scale throughout Northeast Ohio.

Farmers National Banc Corp. is a diversified financial services company with USD 2.4bn 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 41 banking locations.

Raymond James and Associates, Inc. is serving as financial advisor to Farmers and Vorys, Sater, Seymour and Pease LLP is serving as legal counsel to Farmers on the transaction.

Boenning and Scattergood, Inc. is serving as financial advisor to Maple Leaf and Ulmer and Berne LLP is serving as legal counsel to Maple Leaf on the transaction.
Date Published: 04/09/2019
Target: Maple Leaf Financial
Country: USA
Deal Size: 39.6m (USD)
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing: Cash and Stock
Status: Agreed
Buyer: Farmers National Banc Corp
Buyer Advisor: Raymond James and Associates, Vorys, Sater, Seymour and Pease