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Farmers to Stay Course as Search Begins for CEO
CANFIELD, Ohio -- The interim president and CEO of Farmers National Banc Corp., Kevin Helmick, said Monday the holding company and Farmers National Bank will stay the course in the wake of the termination of John Gulas (READ STORY) and that “The safety and soundness of the bank are not in question.”
He also said he hopes the board of the holding company chooses him to lead the provider of financial services with more than $1 billion in bank assets, another billion dollars managed by its trust company, and insurance services.
In his first interview as interim CEO, Helmick, who served as secretary to the board of the holding company, iterated, “Our strategic vision and long-term goals remain unchanged. How we get there might be a little different. … We’re as prepared to execute our vision today as we were a month ago or a year ago. … Day to day it’s business as usual.”
In an announcement last Friday afternoon, Farmers National Banc Corp. said Gulas had served his last day Sept. 30 as CEO of the holding company and the bank but would honor his employment contract until it expires Nov. 4. No reason was offered in the press release.
Reached Saturday, Gulas iterated that his contract prohibits him from comment but said he would expand his response to the extent he could early this week.
A spokeswoman and Helmick made it a point to emphasize the board’s decision to fire Gulas is unrelated to any regulatory examination or regulatory directive and that the bank remains well-capitalized. After Nov. 4, Helmick said, “We’ll say what we can at that time,” that no timeframe has been set to release information the board might choose to release.
The board has begun its search for Gulas’ successor. Helmick expressed gratitude for the board’s confidence in him by naming him interim CEO and a desire to become permanent CEO. No deadline has been set on when a permanent CEO will be hired.
Helmick, age 41, joined Farmers Bank 18 years ago after earning an MBA at Case Western Reserve University and has spent his entire banking career with Farmers. He has run its wealth management operations and believes he understands the bank, its customers and the communities it serves.
Shares of Farmers National Banc Corp. closed Monday at $6.25, down 5 cents, on volume of 7,606 shares. Last Thursday, Oct. 3, trading volume rose to 82,968 shares.
Farmers National Banc Corp. is a diversified financial services with more than $1 billion in Banking assets and $1 billion in trust assets. Its wholly-owned subsidiaries are comprised of The Farmers National Bank of Canfield, a full-service national bank engaged in commercial and retail banking with 17 retail offices in Mahoning, Trumbull, Columbiana and Stark counties in Ohio; Farmers Trust Co., which operates two trust offices and offers services in the same geographic markets; and National Associates Inc. Farmers National Insurance LLC, a wholly-owned subsidiary.
The bank was founded in 1887.
Copyright 2013 The Business Journal, Youngstown, Ohio.
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