EMCF - Farmers National Banc and Emclaire Financial merge in a $105M transaction
Farmers National Banc (NASDAQ:FMNB) and Emclaire Financial (NASDAQ:EMCF), the holding company for The Farmers National Bank of Emlenton, entered into an agreement and plan of merger wherein each Emclaire shareholder may elect to receive either $40/share in cash or 2.15 shares of Farmers' stock, subject to an overall limitation of 70% of the shares being exchanged for Farmers' shares and 30% for cash. The merger is expected to qualify as a tax-free reorganization for those shareholders electing to receive Farmers’ shares. Based on Mar.23 closing price, the transaction is valued at ~$105M or $37.62/share. "The contiguous expansion will also serve as Farmers’ entrance into the attractive Pittsburgh market and allow us to deliver our robust wealth management and mortgage services to the Emlenton footprint," President and CEO of Farmers Kevin J. Helmick commented. On transaction completion which is expected in 1H22, Emlenton Bank will be merged with and into Farmers Bank, with Farmers Bank as the surviving bank, and Emlenton
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Farmers National Banc and Emclaire Financial merge in a $105M transaction