Middlefield To Merge With Farmers

Farmers National Banc

13.26 USD -4.88%

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(RTTNews) - Farmers National Banc Corp. (FMNB), the holding company for The Farmers National Bank of Canfield, and Middlefield Banc Corp. (MBCN), the holding company for The Middlefield Banking Company, announced the signing of a definitive merger agreement pursuant to which Middlefield will merge with and into Farmers in an all-stock deal. Each share of Middlefield common stock outstanding immediately prior to completion of the merger will be converted into the right to receive 2.6 shares of Farmers common stock. The proposed transaction is valued at approximately $299.0 million, or $36.17 per Middlefield share. The transaction is expected to close by the end of the first quarter of 2026.

Upon consummation, Middlefield Bank will be merged with and into Farmers National Bank and Middlefield Bank's branches will become branches of Farmers National Bank. Upon closing, Farmers estimates it will have approximately $7.4 billion in assets and 83 branch locations throughout Ohio and western Pennsylvania.

Shares of Middlefield are up 15% in pre-market trade on Wednesday.