Farmers bank expands reach into Pa. with new merger
CANFIELD — Farmers National Banc Corp., the holding company of Farmers National Bank, as expected this month, completed its acquisition of Pennsylvania-based Emclaire Financial Corp. into a new, wholly-owned subsidiary of Farmers.
Following the completion that was announced Tuesday, shares of Emclaire, the holding company of Farmers National Bank of Emlenton, Pa., are no longer traded on the Nasdaq exchange.
Farmers, headquartered in Canfield, with the merger now has more than $5 billion in banking assets, more than $2.9 billion in wealth management assets under care and operates 65 branches throughout Ohio and Pennsylvania.
Customers of Farmers of Emlenton will be transitioned to Farmers of Canfield the weekend of Feb. 3.
“I am excited to close our seventh acquisition in the last seven years and expand into the Pennsylvania markets, which has been a long-time strategy for Farmers,” said Kevin J. Helmick, president / CEO of Farmers of Canfield.
In connection with the merger, William C. Marsh, president / CEO and chairman of the board of Emclaire and Emlenton Bank, has joined Farmers as senior vice president, market president — Pennsylvania.
Also, former Emclaire board director, Nicholas D. Varischetti, has joined the Farmers board. He also will serve on the corporate governance and nominating and the compensation committees of the board.
Varischetti is a partner with Burns White LLC, working out of its Pittsburgh office. He has assisted businesses from a wide range of industries with their litigation, general business and advisement needs.
He also is a partner in Varischetti Holdings, LP and a founding partner of Allegheny Strategy Partners. Additionally, he is a member of Varischetti Sports, LLC, which owns a minority interest in the Pittsburgh Steelers.
“With his diverse background and experience working with multiple industries, we believe Nick will be a great asset to our shareholders,” Helmick said