- What’s at stake: Farmers National Banc Corp. in Canfield, Ohio, expects to accelerate its growth in the attractive Columbus marketplace with a $299 million, all-stock acquisition of in-state rival Middlefield Banc Corp.
- Key insight: It’s Farmers’ first deal since January 2023, when it completed its acquisition of the $1 billion-asset Emclaire Financial Corp.
- Expert quote: “The Columbus market, the way they’ve been growing loans over the past few years, we felt this would enhance our ability to grow organically,” said Farmers Chief Financial Officer Troy Adair.
Farmers National Banc Corp. has agreed to pay $299 million in stock for a $2 billion-asset bank based in Middlefield, Ohio. The all-stock deal, announced Wednesday, will accelerate the Ohio-based buyer’s growth in the increasingly lucrative Columbus marketplace.
Farmers, which has $5.2 billion of assets, opened a loan production office outside of Columbus in Dublin, Ohio, in 2023. Then last year, the Canton, Ohio-based bank acquired Crest Retirement Advisors, which is also headquartered in Dublin.
Commenting Wednesday on a conference call with analysts, Farmers CEO Kevin Helmick likened those two moves to a “spark.”
Now Farmers is looking to add Middlefield Banc Corp., which has six branches and more than $162 million of deposits in the Columbus area.
“Middlefield will meaningfully expand our presence,” in Columbus, Helmick said on the call.
With more than 2.2 million residents, Columbus is Ohio’s largest market. The region’s population grew 4 percent between 2020 and 2024. It’s benefitting from an economic development boom, with Intel undertaking a massive, $100 billion effort to build two chip factories. Amazon and Honda are also building major facilities.
Powered by Columbus’ growth, Middlefield has grown its loan portfolio by 55% since 2021.
“The Columbus market, the way they’ve been growing loans over the past few years, we felt this would enhance our ability to grow organically,” Farmers Chief Financial Officer Troy Adair said on the conference call.
Given Middlefield’s strong recent performance, some analysts expressed surprise that the company opted to sell itself.
“We’re surprised to see [Middlefield] raise their hand and seek an upscale partner,” Hovde analyst Brendan Nosal wrote in a research note. He added that he had expected Middlefield to show interest in being a buyer, rather than a seller.
“Needless to say, Midwest bank M&A is heating up in a very real way if unexpected sellers are coming to market,” Nosal said.
Farmers’ announcement comes three days after the $5 billion-asset
According to Seaport Research Partners Senior Analyst Laurie Hunsicker, banks announced 140 mergers between Jan. 1 and Oct. 20, compared with 129 deals for all of 2024.
Farmers expects to close its deal for Middlefield in the first quarter of 2026, with systems conversion slated to occur in August 2026.
The $299 million price tag works out to $36.17 per Middlefield share, about 163% of the seller’s tangible book value. Farmers is projecting 7% earnings accretion in 2027, which would be the merged company’s first full year of combined operations.
The Middlefield transaction is the seventh deal Farmers has announced since 2014, as well as the largest in the company’s 138-year history. Farmers closed its most recent acquisition, of the $1 billion-asset Emclaire Financial Corp. in Emlenton, Pennsylvania, in January 2023.
“We have confidence that our acquisition experience should help mitigate integration risk with this transaction,” Hemlick said.
Both Farmers, the holding company for the Farmers National Bank of Canfield, and Middlefield, parent to Middlefield Bank, have been profitable in recent years.
Farmers reported net income totaling $45.9 million in 2024, plus $28.4 million through the first nine months of 2025. Middlefield earned $15.5 million in 2024. Through the first nine months of 2025, its profits totaled $16.3 million.