The proposed acquisition of Middlefield Banc Corp. by Farmers National Banc Corp. (OH) is nearing its conclusion, with the final shareholder vote scheduled for Monday evening. This vote represents the last major step before the merger can be legally finalized, which management anticipates occurring within the current first quarter.
Regulatory Approval Clears the Path
All necessary regulatory approvals for the deal were secured earlier this week, removing a significant barrier to the transaction first agreed upon last
Institutional Shareholder Services (ISS), a leading proxy advisory firm, has recently issued a recommendation for shareholders to vote in favor of the merger proposal. The voting deadline is set for Monday at 11:59 PM ET. Upon completion, the combined entity will significantly expand its footprint by incorporating Middlefield’s locations into Farmers National Banc’s existing network of 62 branches, bolstering its regional presence across Ohio and Pennsylvania.
Financial Performance and Shareholder Returns
Amid this expansion, the bank’s fundamental performance remains robust. For the fourth quarter, Farmers National Banc reported net income of $14.6 million, or $0.39 per diluted share. When adjusted for one-time merger and conversion costs, earnings were $15.1 million, or $0.40 per share.
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A key positive development was the expansion of the net interest margin, which increased to 3.05% from the previous quarter. The company concluded the year with total assets of $5.25 billion and marked its 172nd consecutive profitable quarter, demonstrating sustained financial stability.
The board has declared a quarterly cash dividend of $0.17 per share, payable later this month on the 27th. Shareholders of record as of this Friday will be eligible to receive the payment.
With the shareholder vote on Monday, the final administrative prerequisite for the merger will be met, setting the stage for the immediate legal consolidation of the two institutions.
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