Farmers National Banc Corp. and Middlefield Banc Corp. have entered into a definitive merger agreement, valued at approximately $299 million, to create a larger community banking institution in Ohio.

Target Company Overview

Farmers National Banc Corp. (Farmers), headquartered in Canfield, Ohio, is an established financial services holding company that operates The Farmers National Bank of Canfield. With total banking assets amounting to $5.2 billion, Farmers has a robust infrastructure comprising 62 banking locations across several counties in Ohio and Pennsylvania. Its services include commercial and retail banking, wealth management, and insurance products through its subsidiaries.

Middlefield Banc Corp. operates as the holding company for The Middlefield Banking Company, based in Middlefield, Ohio. As of September 30, 2025, it reported total assets of approximately $2.0 billion, which consist of loans and deposits of $1.6 billion each, along with stockholders’ equity of $224.1 million. The bank serves its clients through 21 full-service banking centers and a brokerage office, providing a wide range of financial services.

Industry Overview in Ohio

The banking industry in Ohio has been experiencing a transformation due to advances in technology and changing customer preferences. These shifts have prompted banks to enhance their service offerings w