FMNB - Farmers National Banc to acquire Cortland Bancorp in $124M deal

The holding company for The Farmers National Bank, Farmers National Banc ([[FMNB]] -2.5%) and the holding company for The Cortland Savings and Banking, Cortland Bancorp ([[CLDB]] +8.1%) has jointly entered into an agreement and plan of merger. Each shareholder of Cortland may elect to receive either $28/share in cash or 1.75 shares of Farmers’ common stock, subject to an overall limitation of 75% of the shares being exchanged for Farmers shares and 25% for cash.Based on Farmers’ closing share price of $16.87 on June 22, 2021, the transaction is valued at ~$124M or $29.14/share.Upon closing, Farmers estimates it will have ~$4.1B in assets and 48 locations throughout Ohio and western Pennsylvania.As of Mar. 31, 2021, Cortland had total assets of $791.7M, which included gross loans of $518.6M, deposits of $680.3M and equity of $81.1MAt the close of the transaction, James M. Gasior, Cortland’s President and CEO will join Farmers executive team as Senior Executive VP and Corporate

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Farmers National Banc to acquire Cortland Bancorp in $124M deal