Investment Banking - Maple Leaf Financial, Inc.
Transactions | Banking
Client: Maple Leaf Financial, Inc.
Transaction Type: Mergers & Acquisitions
Role: Sell-Side Advisor
Farmers National Banc Corp. and Maple Leaf Financial, Inc. to Merge
- Maple Leaf Financial is the holding company for Geauga Savings Bank, headquartered in Newbury, Ohio, in affluent Geauga County. Geauga operates a second branch in Beachwood, Ohio, in the heart of Cleveland’s east side financial district. As of June 30, 2019, Maple Leaf Financial had $277.8 million in assets, $186.4 million in loans and $191.0 million in deposits.
- Farmers National Banc Corp. (“FMNB”) is a diversified financial services company headquartered in Canfield, Ohio, with $2.4 billion in banking assets, $1.8 billion in loans and $2.0 billion in deposits as of June 30, 2019. Farmers National Banc Corp.’s wholly-owned subsidiary, The Farmers National Bank of Canfield, is a full-service national bank engaged in commercial and retail banking with 41 banking locations in Mahoning, Trumbull, Columbiana, Stark, Wayne, Medina and Cuyahoga Counties in Ohio and Beaver County in Pennsylvania.
- Under the terms of the merger agreement, Maple Leaf’s shareholders will have the right to receive for each share of Maple Leaf common stock, at the election of each shareholder, and subject to proration, (i) $640.00 in cash, or (ii) 45.5948 shares of FMNB common stock, or (iii) mixed consideration of cash and FMNB common stock. The proration procedures are designed to result in 50% of Maple Leaf shares being exchanged for cash and 50% for FMNB stock. Based on FMNB’s 20-day volume weighted average closing price of $14.04 on August 27, 2019, the aggregate implied transaction value is approximately $40.1 million.
- The transaction is expected to close in the first quarter of 2020.
- Boenning is serving as financial advisor and rendered a fairness opinion to Maple Leaf Financial, Inc.