CLEARFIELD – Joseph B. Bower Jr., president and chief executive officer of CNB Bank and CNB Financial Corp. and Coleman Clougherty, president and CEO of Farmers Citizens Bank and FC Banc Corp., together announced that at a special meeting held Thursday that the shareholders of FC Banc Corp. approved FC’s merger with CNB Financial Corp.
Following the merger, FC Banc Corp.’s subsidiary, Farmers Citizens Bank, will operate as FCBank, a division of CNB Bank. Bower and Clougherty further announced that CNB has received all regulatory approvals to proceed with the acquisition. CNB and FC intend to complete the merger in October following the satisfaction of all closing conditions.
“We are excited to expand our franchise into the Ohio market,” Bower said. ”We believe that there are many similarities between the markets of Farmers Citizens Bank and our central Pennsylvania and ERIEBANK markets. We understand the needs of customers in these markets and look forward to providing FCBank the support to continue to grow.”
Following the consummation of the transaction, FCBank will operate as a separate and distinctly branded division of CNB Bank, with local decision making and oversight. Service will continue in the northern Ohio markets of Bucyrus, Cardington, Fredericktown, Mount Hope and Shiloh and in the markets of Worthington and Upper Arlington in the greater Columbus area with eight branch locations. FCBank will also operate the loan production office that CNB Bank has in Dublin. Clougherty is expected to continue with CNB as president of FCBank following conversion.
It is expected that Farmers Citizens Bank will close at 5 p.m. Oct. 11 and reopen as FCBank, a division of CNB Bank, on Oct. 15 for regular bank hours following the Columbus Day holiday.
“CNB Financial Corp. is an outstanding partner for our bank.” Said Clougherty, adding, “CNB has a successful community banking model and we anticipate that will serve our customers and communities well.”