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Jun 30, 2021
Farmers National Q2 2021 Earnings Report
Farmers National reported strong quarter results and made progress on long-term objectives.
Key Takeaways
Farmers National Banc Corp. reported a strong quarter, highlighting its growth strategies and progress in mergers and acquisitions, particularly the acquisition of Cortland Bancorp Inc. The company's assets have grown significantly under the retiring CFO's tenure.
Farmers National is set to acquire Cortland Bancorp Inc., expected to close in Q4 2021.
The acquisition will expand Farmers' presence in Northeast Ohio and increase assets to approximately $4.1 billion with 48 locations.
Carl Culp, the CFO of 25 years, is retiring effective August 15, 2021.
Troy Adair has been named as the new Executive Vice President of Finance and will assume the CFO role upon Culp's retirement.