Farmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB), the holding company for The Farmers National Bank of Canfield (“Farmers National Bank”), today announced that it has received regulatory approvals, including approval from The Federal Reserve Bank of Cleveland and the Office of the Comptroller of the Currency, necessary to complete the proposed merger of Cortland Bancorp (“Cortland”) with and into FMNB Merger Subsidiary IV, LLC (“Merger Sub”), a newly-formed wholly-owned subsidiary of Farmers (the “Merger”) pursuant to the Agreement and Plan of Merger dated as of June 22, 2021 by and between Farmers, Cortland and Merger Sub (the “Merger Agreement”), and the related merger of Cortland’s wholly-owned subsidiary bank, The Cortland Savings and Banking Company, with and into Farmers National Bank. Subject to the approval of the Merger by the shareholders of Cortland, and the satisfaction of other customary closing conditions contained in the Merger Agreement, the Merger is expected to be completed in the fourth calendar quarter of 2021.
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