Farmers National Banc Corp. has approved a voluntary program to purchase shares from smaller stockholders.
The company is offering to buy stocks from people with 99 or fewer shares of the company’s common stock as of Tuesday. The company expects to conclude the offer Aug. 29.
Shares will be purchased at $7.68 per share. Thirty-one percent of Farmers’ stockholders would have the ability to sell their shares back to the company under the program. A total of 38,596 shares are eligible for purchase, according to a release from the company.
Farmers has begun mailing information about the program to eligible shareholders.
The buyback program provides Farmers with the potential to reduce shareholder servicing and administrative costs.
Questions about the program can be directed to Morrow & Co. LLC, the program information agent, at 800-267-0201, or to Farmers at 330-702-7229.