Farmers Offers to Buy Back Odd Lots of Stock
CANFIELD, Ohio -- Farmers National Banc Corp., holding company of Farmers National Bank and the Farmers Trust Co., announced today its offer to buy back odd lots of its stock, that is the stock of the 1,463 shareholders who own 99 or fewer shares.
The company is offering $7.69 a share, subject to Farmers’ terms and conditions. Trading in Farmers stock opened at $7.47 this morning.
The offer begins today and runs through Aug. 29.
The company said it is extending the offer ”to reduce shareholder servicing and administrative costs. The program [which the owners are free to accept or reject], recognizes the inconvenience or potential costs that can deter shareholders from purchasing or selling fewer than 100 shares.”
Farmers will pay all costs, including brokerage fees of those who accept its offer.
As of today, the company has approximately 17.78 million common shares issued and outstanding and 4,669 shareholders of record. As of July 23, the number who own 99 or fewer shares was 1,463, or 31%, representing a total of 38,596 shares eligible for purchase under the Program.
The company put the details of its offer to the affected shareholders in today’s mail. The only condition is that if they accept, they must sell all of their shares.
The shareholders who have questions can telephone Morrow & Co., LLC, program information agent, at 800 267 0201, or to Farmers at 330 702 7229.
SOURCE: Farmers National Banc Corp.
Published by The Business Journal, Youngstown, Ohio.
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