The Farmers National Bank of Canfield (Farmers), based in Canfield, Ohio, has acquired the Bowers Insurance Agency Inc. (Bowers Group). The transaction closed on June 1, 2016 and is expected to be accretive to earnings immediately.
The Bowers Group will continue to operate under its name from its current location in Cortland, Ohio, but is expected to merge with Farmers National Insurance LLC, Farmers’ wholly-owned insurance agency subsidiary. The strategic acquisition is expected to enhance Farmers’ current company and product line up, and offer broader options of commercial, farm, home and auto property/casualty insurance carriers to meet all the needs of all Farmers’ customers.
The Bowers Group will be a business extension of Farmers’ Wealth Management division, and Farmers’ financial experts will be able to offer full service programs to all current Bowers Group customers including private client, retirement, investments, trust and insurance.
Raymond James & Associates Inc. served as financial advisor and Vorys, Sater, Seymour and Pease LLP served as legal counsel to Farmers on the transaction.
Source: Farmers National Banc Corp.
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