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Sep 30, 2021
Farmers National Q3 2021 Earnings Report
Farmers National reported record-breaking performance, ranking #1 in Ohio and 17th nationally, and merger with Cortland is expected to close in early November 2021.
Key Takeaways
Farmers National had a record-breaking quarter, securing the #1 spot among Ohio banks and 17th nationally, according to Bank Director Magazine. The merger with Cortland is progressing, with expected financial close in early November 2021.
Farmers National Bank was ranked the #1 performing bank in Ohio by Bank Director Magazine.
The company was also ranked as the 17th top performing bank in America.
Regulatory and shareholder approvals have been received for the merger with Cortland.
The financial close of the Cortland merger is expected by the first week of November 2021, creating a $4.1 billion bank.
Farmers National
Farmers National
Forward Guidance
The company anticipates completing the financial close of the Cortland merger by the first week of November 2021 and aims for technical conversion by February 21, 2022.
Positive Outlook
- All regulatory agencies and the SEC approved the Cortland merger in October 2021.
- Cortland's shareholders approved the merger on October 26, 2021.
- The merger is expected to create a $4.1 billion bank.
- Farmers National Bank will become the only bank headquartered in the Mahoning Valley.
- The company opened a new branch in Chesterland, Ohio, on October 4th to replace the Newbury branch.
Challenges Ahead
- The Newbury branch was closed and relocated to Chesterland.
- Cortland customers will become Farmers National Bank customers on February 21, 2022.
- Signage will be changed to Farmers National Bank.
- The Cortland core system and online banking channels will be converted to Farmers.
- Requires diligent research and purposeful change.