Deal greatly expands Farmers’ insurance offerings
CANFIELD, Ohio--(BUSINESS WIRE)--
The Farmers National Bank of Canfield (“Farmers”) has entered into a
definitive agreement providing for the acquisition of the Bowers
Insurance Agency, Inc. (the “Bowers Group”), and intended merger of the
Bowers Group with Farmers National Insurance, LLC, Farmers’ wholly-owned
insurance agency subsidiary. The strategic merger 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 transaction is
expected to close in the second quarter of 2016.
“I am very pleased to unite with The Bowers Insurance Group and expand
our insurance company,” says Kevin J. Helmick, President & CEO for
Farmers. “Bowers is headquartered in Cortland and understands the needs
of our northeast Ohio customers. Because we work with all types of
business and consumers, Farmers is very happy to have additional
insurance products to assist our customer base in protecting everything
they’ve worked so hard to build.”
“All of us at Bowers are very excited to take this next great step in
our continuous evolvement of a business that began with my great
grandfather back in 1913. We will remain in Cortland, operating as the
Bowers Group, committed to continuing the same excellent policyholder
service to our very valuable clients while being provided with a
platform to apply our sales, service, and insurance expertise to all of
the Farmers’ customer base as well. We are very proud and extremely
grateful to have been selected as the insurance partner of Farmers.”
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.
About Farmers National Banc Corp.
Founded in 1887, Farmers is a diversified financial services company
headquartered in Canfield, Ohio, with approximately $1.8 billion in
banking assets and $1 billion in trust assets. Farmers’ wholly-owned
subsidiaries are comprised of Farmers National Bank, a full-service
national bank engaged in commercial and retail banking with 38 banking
locations in Mahoning, Trumbull, Columbiana, Stark, Wayne, Medina, and
Cuyahoga Counties in Ohio and Beaver County in Pennsylvania, Farmers
Trust Company, which operates two trust offices and offers services in
the same geographic markets and National Associates, Inc.Farmers
National Insurance, LLC, a wholly-owned subsidiary of Farmers National
Bank, offers a variety of insurance products.
About The Bowers Group.
The Bowers Insurance Agency, Inc., headquartered in Cortland, Ohio has
been insuring personal, agricultural, and commercial risks since 1913.
Over their vast history, the company has grown into a regional,
commercially focused independent brokerage firm offering all lines of
insurance to a wide variety of clients.
The Group has a satellite office in the Columbus, Ohio area, and can
write insurance in all 50 states with no geographical limitations. Their
team of experts are available anytime, supported by a 24-hour claims
hotline.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160509005110/en/
Farmers National Banc Corp.
Amber Wallace, 330-720-6441
SVP,
Chief Retail/Marketing Officer
awallace@farmersbankgroup.com
Source: Farmers National Banc Corp.