Featured Company News - Receipt of All Regulatory Approvals Paves Way for Farmers National Banc Merger with Monitor Bancorp
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MAIN, GERMANY / ACCESSWIRE / July 24, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Farmers National Banc Corp. (NASDAQ: FMNB), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=FMNB. The Company announced on July 21, 2017, that it has received all the regulatory approvals to complete the merger with Monitor Bancorp, Inc. The regulatory approvals include an endorsement from The Federal Reserve Bank of Cleveland and the Office of the Comptroller of the Currency. Will all the regulatory approvals in place, Monitor Bancorp will be merged with FMNB Merger Subsidiary II, LLC, a newly formed wholly-owned subsidiary of FMNB, as per the terms of the previously announced merger agreement on March 13, 2017. FMNB is the holding Company for The Farmers National Bank of Canfield, and Monitor Bancorp is the holding Company of The Monitor Bank. The merger agreement envisioned the merger of The Monitor Bank with and into The Farmers National Bank. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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The FMNB - Monitor Bancorp merger is headed for the final stages of completion and is awaiting approvals from shareholders of Monitor Bancorp. Once the shareholders' approvals are in place, the merger is expected to be completed by Q3 2017 subject to closing conditions.
In a separate communication, FMNB also announced the election deadline for Monitor Bancorp's shareholders to vote the mode of consideration that they are opting for with regards to the merger. The tentative deadline is 5:00 p.m. Eastern Daylight Time on August 10, 2017. Monitor Bancorp's shareholders have the option to receive cash or FMNB's shares for each of their Monitor Bancorp's share. In case there is any change in the deadline FMNB and Monitor Bancorp will keep the shareholders informed accordingly.
A special meeting of all Monitor Bancorp's shareholders has been scheduled for August 08, 2017, to review and vote on the FMNB and Monitor Bancorp merger.
Details of the FMNB - Monitor Bancorp merger agreement
FMNB had announced the acquisition of Monitor Bancorp in March 2017. Monitor Bancorp's shareholders have the option of choosing cash or shares of FMNB against each share of Monitor Bancorp. The deal is subject to an overall limitation of 85% of the shares being exchanged for FMNB's shares and 15% for cash. The transaction is valued at approximately $7.8 million, based on the consolidated tangible book value per Monitor Bancorp share as of March 31, 2017. The transaction price would be calculated based on Monitor Bancorp's consolidated tangible book value per share as of March 31, 2017 plus the after-tax funds received from the expected sale of Monitor Bancorp's stake in the Monitor Wealth Group.
Once the merger is completed, Monitor Bank will be merged with and into The Farmers National Bank of Canfield. Monitor Bank is headquartered in Big Prairie, Ohio and has one bank branch in Big Prairie. This branch of Monitor Bank will become a branch of The Farmers National Bank of Canfield after the completion of the merger.
Monitor Bancorp's had total assets of $43.3 million including net loans of $22.3 million and deposits of $37.2 million as on December 31, 2016. With the acquisition, FMNB expects that its assets will reach approximately $2 billion and its presence will expand to 39 banking locations across Ohio. FMNB expects that the transaction will be accretive to its EPS, excluding one-time merger costs, from the start of first year of operations after the merger.
The transaction was expected to close in late Q2 2017 or in early Q3 2017 subject to getting shareholders and regulatory approvals and other closing conditions.
About Farmers National Banc Corp. (FMNB)
Canfield, Ohio based Farmers National Banc Corp was founded in 1887. It is a diversified financial services Company and its wholly-owned subsidiaries include The Farmers National Bank of Canfield and Farmers Trust Company. FMNB has $1.9 billion in banking assets and $1.0 billion in trust assets.
The Farmers National Bank of Canfield is a full-service national bank that is into commercial and retail banking. It has 38 banking locations across Mahoning, Trumbull, Columbiana, Stark, Wayne, Medina and Cuyahoga Counties in Ohio and Beaver County in Pennsylvania. National Associates, Inc. Farmers National Insurance, LLC and Bowers Insurance Agency, Inc. offer insurance related products and are the wholly-owned subsidiaries of The Farmers National Bank of Canfield.
FMNB acquired The Farmers Trust Company in March 2009 and operates two trust offices and offers trust services in the same area as FMNB.
About Monitor Bancorp and Monitor Bank
Monitor Bancorp's Monitor Bank is a full service commercial and independent community bank located in Big Prairie, Ohio. It was started in October 1911 by father and son duo - John C. Lake and B.A. Lake. It offers a full range of personal, small business, and corporate accounts, loans and services to its customers in a very personal and professional manner.
Last Close Stock Review
At the closing bell, on Friday, July 21, 2017, Farmers National Banc's stock was slightly down 0.69%, ending the trading session at $14.45. A total volume of 55.94 thousand shares have exchanged hands, which was higher than the 3-month average volume of 46.38 thousand shares. The Company's stock price skyrocketed 2.12% in the last three months, 9.06% in the past six months, and 58.10% in the previous twelve months. Moreover, the stock gained 1.76% since the start of the year. The stock is trading at a PE ratio of 18.29 and has a dividend yield of 1.38%. The stock currently has a market cap of $391.02 million.
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