Farmers Completes Acquisition of National Associates
CANFIELD, Ohio -- Farmers National Banc Corp. has completed the acquisition of the retirement planning consultancy National Associates Inc. of Rocky River, a suburb of Cleveland, John S. Gulas, president and CEO of Farmers, announced Monday.
The transaction closed yesterday and Farmers expects it to be accretive to earnings immediately. National Associates keeps its corporate name, entire staff of 17 and offices in Rocky River.
“We are excited to finalize the transaction and begin building a partnership that will benefit our Farmers customers as well as [National Associates] clientele,” Gulas said in a prepared statement.
NAI was founded in 1946 and its president, Gerrit C. Kuechle, has led the firm more than three decades. He will remain president two more years.
The company is described as “a leading independent consultant to retirement plans and offers actuarial, plan design, compliance and administrative services.”
As a third-party administrator, National Associates provides services to 401(k), defined benefits, profit sharing, flexible spending, 403(b), and employee stock ownership plans. It administers more than 200 retirement plans; assets under administration approximate $500 million.
Sandler O'Neill & Partners L.P. served as financial adviser and Vorys, Sater, Seymour and Pease LLP served as legal adviser to Farmers.
Published by The Business Journal, Youngstown, Ohio.
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