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Farmers National Banc Corp. Completes Merger with Emclaire Financial Corp.

January 03, 2023, 06:00 AM
Filed Under: Banking News

Farmers National Banc Corp., the holding company for The Farmers National Bank of Canfield, completed the merger of Emclaire Financial Corp., the holding company for The Farmers National Bank of Emlenton (“Emlenton Bank”) with and into FMNB Merger Subsidiary V, LLC, a newly-formed wholly-owned subsidiary of Farmers (the “Merger”). Following the Merger, Emlenton Bank was merged with and into Farmers National Bank. As a result of the Merger, shares of Emclaire are no longer traded on The NASDAQ Capital Market.

“I am excited to close our seventh acquisition in the last seven years and expand into the Pennsylvania markets, which has been a long-time strategy for Farmers. Additionally, we are thrilled to deliver our robust wealth management and mortgage services to the Emlenton footprint. On behalf of everyone at the Company, we are pleased to welcome the customers, employees, and shareholders of Emclaire to Farmers National Banc Corp.,” said Kevin J. Helmick, President & CEO of Farmers.

William C. Marsh, President and Chief Executive Officer and Chairman of the Board of Emclaire and Emlenton Bank, has joined Farmers as Senior Vice President, Market President – Pennsylvania.

Farmers, headquartered in Canfield, Ohio, now has over $5.0 billion in banking assets, over $2.9 billion in wealth management assets under care, and operates 65 branches throughout Ohio and Pennsylvania.

In connection with the Merger, Farmers also welcomes a member from Emclaire’s Board of Directors to its Board of Directors, Mr. Nicholas D. Varischetti. He will also serve on the Corporate Governance and Nominating Committee and the Compensation Committee of the Board.

Mr. Varischetti is a Partner with Burns White LLC, working out of their Pittsburgh office. He has assisted businesses from a wide range of industries with their litigation, general business, and advisement needs. Mr. Varischetti holds three degrees from the University of Pittsburgh, earning a Juris Doctor in 2011 with a Health Law Certificate, a Master’s in Public Administration from the Graduate School of Public and International Affairs in 2008, and a Bachelor’s Degree in Political Science and Business Management in 2006.

Mr. Varischetti is also a partner in Varischetti Holdings, LP and a founding partner of Allegheny Strategy Partners. Additionally, he is a member of Varischetti Sports, LLC, which owns a minority interest in the Pittsburgh Steelers.

Mr. Varischetti is actively involved in the community as a member of the Board of Directors of the Frank Varischetti Foundation, the Manchester Bidwell Corporation, and La Roche University Board of Trustees. He previously served on the Board of Directors for Pittsburgh Urban Magnet Project (PUMP), and was a Board Member and Chairperson for both Every Child Inc. and Pittsburgh’s Intergovernmental Cooperation Authority (ICA). Mr. Varischetti has also worked with the Greater Pittsburgh ATHENA Awards Committee and the Jack Heinz Society for the Pittsburgh Symphony Orchestra.

“With his diverse background and experience working with multiple industries, we believe Nick will be a great asset to our shareholders,” Helmick stated.

Founded in 1887, Farmers National Banc Corp. is a diversified financial services company headquartered in Canfield, Ohio, with over $5.0 billion in banking assets. Farmers National Banc Corp.’s wholly-owned subsidiaries are comprised of The Farmers National Bank of Canfield, a full-service national bank engaged in commercial and retail banking with 65 banking locations throughout Ohio and Pennsylvania; Farmers Trust Company, which operates five trust offices and offers services in the same geographic markets and Farmers National Insurance, LLC. Total wealth management assets under care at September 30, 2022 were $2.9 billion.

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