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Farmers Banc Corp. to Buy National Associates Inc.
CANFIELD, Ohio -- Farmers National Banc Corp. announced this morning that it has entered into a definitive agreement to acquire a retirement planning consultancy based in Cleveland, National Associates Inc. Terms were not disclosed.
National Associates will keep its name, full staff of 17 -- including the president, Gerrit C. Kuechle – and remain based in Cleveland, said John S. Gulas, president and CEO of Farmers. National Associates is a “leading independent consultant to retirement plans and offers actuarial, plan design, compliance and administrative services,” Farmers said in its press release.
As a third-party administrator, National Associates provides services to 401(k), defined benefits, profit sharing, flexible spending, 403(b), employee shared ownership plans and other plans, Farmers said. Most of its business is conducted in northeastern Ohio and roughly two-thirds of its staff is accredited and has memberships in professional societies.
“We have plans for a smooth transition, followed by a multi-year plan that will complement the synergies and augment the attractive fee revenues of our wealth management division,” Gulas said in a prepared statement.
National Associates was founded in 1946 and Kuechle has been with the firm more than 30 years. He has agreed to remain with National Associates two more years.
Farmers National Banc Corp. is the holding company of Farmers National Bank of Canfield and the Farmers Trust Co. in Boardman.
Sandler O’Neill & Partners L.P. served as financial adviser to Farmers while Vorys, Sater, Seymour and Pease LLP served as legal adviser.
Published by The Business Journal, Youngstown, Ohio.
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