Farmers National Banc Corp. will acquire Middlefield Banc Corp. in an all-stock transaction, which has been approved by the boards of directors of both companies.
Farmers Bank is headquartered in Canfield, Ohio, with $5.2 billion in banking assets and 62 banking locations in Mahoning, Trumbull, Columbiana, Portage, Stark, Wayne, Medina, Geauga and Cuyahoga Counties in Ohio. It also has branches in Beaver, Butler, Allegheny, Jefferson, Clarion, Venango, Clearfield, Mercer, Elk and Crawford Counties in Pennsylvania. It also has $4.6 billion in wealth management assets.
Middlefield Bank is based in Middlefield, Ohio. It has total assets of $1.98 billion and operates 21 full-service banking centers serving Ada, Beachwood, Bellefontaine, Chardon, Cortland, Dublin, Garrettsville, Kenton, Mantua, Marysville, Middlefield, Newbury, Orwell, Plain City, Powell, Solon, Sunbury, Twinsburg, and Westerville.
“We are excited to announce the merger with Middlefield. This is our seventh bank acquisition in the last 10 years and reflects our proven track record of executing and integrating strategic M&A. The merger brings together two high-performing community banks with complementary markets, shared values, and a common vision for growth. We know Middlefield and its markets well, and this partnership not only deepens our presence in Northeast Ohio but meaningfully expands our footprint across Central and Western Ohio markets. This includes the Columbus region, where we are making strategic investments to expand in Ohio’s largest and fastest-growing market,” Kevin Helmick, president and CEO of Farmers, said.
The proposed transaction is valued at approximately $299 million, or $36.17 per Middlefield share. The transaction is subject to receipt of Middlefield and Farmers shareholder approvals and customary regulatory approvals. The transaction is expected to close by the end of the first quarter of 2026. Farmers is planning to appoint two Middlefield directors to its board.
“Joining Farmers represents an exciting next chapter for Middlefield and the communities we serve. Our customers will benefit from a broader suite of financial products and advanced digital capabilities, while continuing to receive the same personalized service and local decision-making that define our culture. This merger enhances our ability to grow and support our stakeholders and deliver meaningful value for our shareholders,” Ronald Zimmerly, Jr., president and CEO of Middlefield, said.
Once the deal closes, Middlefield Bank will be merged into Farmers National Bank. Middlefield Bank’s branches will become branches of Farmers National Bank. Farmers will have approximately $7.4 billion in assets and 83 branch locations throughout Ohio and western Pennsylvania.