CANFIELD, Ohio (WKBN) – Two long-standing Valley banks are merging.
Farmers National Bank and Cortland Savings and Banking have entered into an agreement and plan of merger.
The transaction is subject to Cortland shareholder approval and customary regulatory approvals. The transaction is intended to close in the fourth quarter of 2021.
Once the banks merge, all Cortland Savings and Banking Company branches will become Farmers National Bank.
Farmers estimates it will have approximately $4.1 billion in assets and 48 locations throughout Ohio and western Pennsylvania.
At the close of the transaction, James M. Gasior, Cortland’s President and CEO will join Farmers executive team as Senior Executive Vice President and Corporate Development Officer. Timothy Carney, Cortland’s Executive Vice President and COO will join Farmers as Senior Executive Vice President and Chief Banking Officer. Furthermore, Farmers intends to name two directors from Cortland’s Board to join its Board of Directors.
Farmers President and CEO Kevin Helmick said they’re excited for the expansion and what it will mean for customers looking for loans, especially mortgages.
“This combination will offer a larger lending limit so we can handle bigger business customers. I think more efficiency and more scale so we can get things done quicker and in a better way, leveraging both sets of employees to get those things done,” he said.