Press release
Farmers National Banc Corp. Prices Private Placement of $75 Million of Subordinated Notes
CANFIELD, Ohio--(BUSINESS WIRE)-- Farmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) today announced the pricing of its issuance and
About this update from Farmers National Banc Corp.
[{"type":"text","content":" CANFIELD, Ohio--(BUSINESS WIRE)--\nFarmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) today announced the pricing of its issuance and sale of $75 million aggregated principal amount of fixed-to-floating rate subordinated notes due 2031 (the “Notes”) in a private placement exempt from the registration requirements under the Securities Act of 1933, as amended. The Notes bear a fixed rate of 3.125% for the first five years and will reset quarterly thereafter to the then current three-month SOFR rate plus 220 basis points. The offering is expected to close on November 17, 2021. The Company intends to use the net proceeds from the offering for general corporate purposes.\n\n“We are extremely pleased with the interest that investors have shown in Farmers,” said Kevin J. Helmick, President and CEO of Farmers. “The debt provides us a great deal of flexibility with regard to both corporate and capital strategies as we move forward after the acquisition of Cortland Bancorp.”\n\nRaymond James & Associates, Inc. served as the sole placement agent for the offering. Vorys, Sater, Seymour and Pease LLP served as legal counsel to the Company and Nelson Mullins Riley & Scarborough LLP served as legal counsel to the placement agent.\n\nThis press release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy, the Notes and shall not constitute an offer, solicitation or in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The indebtedness evidenced by the Notes is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.\n\nABOUT FARMERS NATIONAL BANC CORP. \n\nFounded in 1887, Farmers National Banc Corp. is a diversified financial services company headquartered in Canfield, Ohio, with over $4.1 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 48 locations in Mahoning, Trumbull, Columbiana, Stark, Summit, Portage, Wayne, Medina, Geauga and Cuyahoga counties in Ohio and Beaver County in Pennsylvania; Farmers Trust Company, whi...