Middlefield Banc Corp. (NASDAQ:MBCN) shares are trading higher on Wednesday after the company penned an all-stock merger agreement with Farmers National Banc Corp. (NASDAQ:FMNB) valued at $299 million.
Shareholders of Middlefield will receive 2.6 shares of Farmers’ common stock for each share of Middlefield common stock they own.
The transaction values Middlefield at approximately $36.17 per share, based on Farmers’ closing price of $13.91 on Oct. 20.
The companies expect the deal to close by the end of the first quarter of 2026, subject to regulatory approvals.
Following the merger, Middlefield and Farmers National Bank will integrate, with all Middlefield branches converting to Farmers locations.
The completed transaction is expected to give Farmers a total of $7.4 billion in assets and a network of 83 branches spanning Ohio and western Pennsylvania.
Management Commentary
Kevin J. Helmick, president and CEO of Farmers, stated, “This is our seventh bank acquisition in the last 10 years and reflects our proven track record of executing and integrating strategic M&A.”
”We know Middlefield and its markets well, and this partnership not only deepens our presence in Northeast Ohio but meaningfully expands our footprint across Central and Western Ohio markets. This includes the Columbus region, where we are making strategic investments to expand in Ohio’s largest and fastest-growing market.”
Latest Earnings: Middlefield reported third-quarter EPS of $0.65, beating the consensus of $0.62, and sales of $19.9 million came above the consensus of $19.6 million.
As of Sept. 30, Middlefield reported total assets of about $2.0 billion.
Price Action: MBCN shares are up 17.86% at $33.72 at the last check on Wednesday.
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