Farmers National Banc Corp. (FMNB) entered a merger agreement on October 22, 2025, to acquire Middlefield Banc Corp. (MBCN) in an all-stock deal valued at $299 million.
Each share of Middlefield common stock outstanding will be converted into the right to receive 2.6 shares of Farmers common stock. The proposed transaction is valued at roughly $36.17 per Middlefield share, which is at a premium of 26.42% from the stock’s last close.
Middlefield is an Ohio-based bank holding company for The Middlefield Banking Company, providing a range of commercial and consumer banking services to individuals, businesses, and communities across northeastern and central Ohio. The company has total assets of $1.98 billion and operates 21 full-service banking centers across the region.
Farmers National is an Ohio-based financial services company offering banking, trust, wealth management, and insurance services across Ohio and western Pennsylvania, with $5.2 billion in banking assets and $4.6 billion in wealth management assets.
After the deal closes, which is expected by the end of the first quarter of 2026, Farmers plans to appoint two Middlefield directors to its Board.
Middlefield Bank will merge into Farmers National Bank, and all Middlefield Bank branches will become Farmers National Bank branches. After the deal closes, Farmers expects to have about $7.4 billion in assets and 83 branch locations across Ohio and western Pennsylvania.
Raymond James & Associates served as financial advisor to Middlefield, and Nelson Mullins Riley & Scarborough provided legal counsel. Janney Montgomery Scott acted as financial advisor to Farmers National, while Vorys, Sater, Seymour and Pease served as its legal counsel.
Farmers National is paying 0.48 times the tangible book value of Middlefield.
For a deeper insight into the specifics of this merger and acquisition transaction, please refer to the Deal Metrics page:
The Deal Metrics page provides comprehensive information about the merger, including a spread history chart of the merger from announcement to completion or failure, a timeline of key events like HSR period expiration, regulatory approvals, shareholder votes, and more.
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Editor’s Note: Baranjot Kaur contributed to this article