CANFIELD — Farmers National Banc Corp. has acquired Champion Insurance with plans to maintain the agency’s identity and location, but merge it with Farmers National Insurance LLC, the Canfield-based banking company’s wholly-owned insurance agency subsidiary.

Also, Farmers continues to progress toward a September close on its $105 million cash and stock acquisition of Emclaire Financial Corp., the holding company for The Farmers National Bank of Emlenton, Pa.

The acquisition of Champion Insurance in Champion expands Farmers National Insurance footprint and continues its wide range of products and services, from commercial to farm to home to life and auto property / casualty insurance.

Terms of the transaction that closed Friday were not disclosed.

“This partnership with Champion enables Farmers to enhance our robust Wealth Management 360 program,” Kevin Helmick, president / CEO, Farmers National Banc Corp., said.

“With strong divisions that include private banking, trust, retirement, (and) insurance and investments, Champion Insurance will expand our offerings with their well-established agency.”

Champion Insurance was founded in 1999 by Randy L. Jones and another partner. It will become an extension of Farmers’ wealth management division, and Farmers’ financial experts will be able to offer full-service programs to all Champion Insurance customers, including private client, retirement, investments, trust and insurance.

When complete, the merger of Emclaire into Farmers National Banc Corp. will be the largest undertaken by the company when measured by banking assets.

Farmers of Emlenton will merge into Farmers National Bank of Canfield with Emlenton branches becoming branches of Farmers of Canfield. Upon closing, it is estimated Farmers National Banc Corp. will have approximately $5.2 billion in assets and 66 locations in northeast Ohio and western Pennsylvania.

At the end of 2021, Emclaire had $1.1 billion in total assets.

The formal conversion will take place Veterans Day weekend.

Also, the companies have set a deadline of 5 p.m. July 19 for Emclaire shareholders to determine the consideration they wish to receive for their shares of Emclaire common stock.

Each shareholder of Emclaire may elect to receive either $40 per share in cash or 2.15 shares of Farmers’ common stock, subject to an overall limitation of 70 percent of the shares being exchanged for Farmers’ shares and 30 percent for cash.

The merger is expected to qualify as a tax-free reorganization for those shareholders electing to receive Farmers’ shares.

Emclaire shareholders will meet July 20 to vote on the proposed merger.

Farmers National Banc Corp., founded in 1887, is the holding company for Farmers National Bank of Canfield, Farmers Trust Co. and Farmers National Insurance, LLC.

The company has $4.2 billion in banking assets and wealth management assets of $3.1 billion.

rselak@tribtoday.com