CANFIELD — Farmers National Banc Corp. (NASDAQ: FMNB), which operates Farmers National Bank, in a news release Monday said it has received regulatory approval from The Federal Reserve Bank of Cleveland and the Office of the Comptroller of the Currency for its merger with Cortland Bancorp., based in Cortland, which operates Cortland Bank.
The agreement and merger plan were struck June 22.
The deal is subject to approval from Cortland Bancorp shareholders. It's expected to be finalized in the fourth quarter of this year.
Farmers National Bank of Canfield has 41 commercial and retail banking locations in nine Ohio counties — Mahoning, Trumbull, Columbiana, Stark, Summit, Wayne, Medina, Geauga and Cuyahoga — as well as in Beaver County, Pa.
Farmers National Banc Corp. was founded in 1887 and is headquartered in Canfield. The financial services company has more than $3.3 billion in banking assets, according to the release. As of June 30, the wealth management assets under its care totaled $3.1 billion.
Cortland Savings and Banking Company has 13 full-service banking offices in Trumbull, Mahoning, Portage, Summit and Cuyahoga counties, as well as a center in Fairlawn.