Farmers National Banc Corp. and Middlefield Banc Corp. announced a merger in an all-stock deal valued at about $299 million.
The boards of both companies approved the agreement.
Under the merger, each Middlefield share will be exchanged for 2.6 shares of Farmers stock.
The deal is expected to close by the end of the first quarter of 2026, pending shareholder and regulatory approval.
The merger will make Middlefield Bank branches part of Farmers National Bank.
After the merger, Farmers will have about $7.4 billion in assets and 83 branches across Ohio and western Pennsylvania.
Kevin Helmick, CEO of Farmers, said the merger strengthens the bank’s presence in Northeast, Central, and Western Ohio.
Ronald Zimmerly, CEO of Middlefield, said,
“Joining Farmers represents an exciting next chapter for Middlefield and the communities we serve. Our customers will benefit from a broader suite of financial products and advanced digital capabilities while continuing to receive the same personalized service and local decision-making that define our culture.”
As of September 30, Middlefield had $2 billion in assets, $1.6 billion in loans, and $1.6 billion in deposits.
Financial advisors for the deal include Janney Montgomery Scott for Farmers and Raymond James & Associates for Middlefield.
