Canfield, Ohio-based Farmers National Bank of Canfield agreed to acquire theBowers Insurance Agency Inc. and merge it with the bank's unit, FarmersNational Insurance LLC.
The deal is expected to close in the second quarter. Bowers,which is headquartered in Cortland, Ohio, will be a business extension ofFarmers' wealth management division.
The merger will offer increased options of commercial, farm,home and auto property/casualty insurance carriers to Farmers' customers,according to a May 9 news release.
Raymond James & Associates Inc. served as financialadviser and Vorys Sater Seymour and Pease LLP acted as legal counsel to Farmerson the transaction. The bank is a unit of Farmers National Banc Corp., which has about $1.8billion in banking assets and $1 billion in trust assets, according to the newsrelease.