Canfield, Ohio-based Farmer’s Bank has announced an agreement that would extend its reach further into Western Pennsylvania.

Under the merger announced with Emclaire, the holding company of Emlenton Bank, Emlenton’s 18 offices in Mercer, Venango, Allegheny, Butler, Clarion, Clearfield, Crawford, Elk, and Jefferson counties would become Farmer’s branches.

When the deal is closed, Farmers estimates it will have $5.2 billion in assets and 66 locations throughout Ohio and Western Pennsylvania.

In November, Farmers completed its merger with Cortland Bank, making it Farmer’s sixth acquisition in six years.

Farmers currently has 47 locations in Mahoning, Trumbull, Columbiana, Stark, Summit, Portage, Wayne, Medina, Geauga and Cuyahoga Counties in Ohio and Beaver County in Pennsylvania

Kevin J. Helmick, president and CEO of Farmers, stated, “I am pleased to announce our largest acquisition to date,” said Farmers CEO Kevin Helmick. “This latest transaction will mark a significant extension into the Pennsylvania markets, which has been a long-time strategy for Farmers.”

Under the agreement, each shareholder of Emlenton holding company Emclaire may elect to receive either $40.00 per share in cash or 2.15 shares of Farmers’ common stock, subject to an overall limitation of 70% of the shares being exchanged for Farmers’ shares and 30% for cash.

Based on Farmers’ closing share price of $17.02 on March 23, 2022, the transaction is valued at approximately $105 million, or $37.62 per share.

The transaction is subject to Emclaire shareholder approval and regulatory approvals.

The deal is expected to close in the second half of 2022.