The Farmers National Bank of Emlenton, the subsidiary operating bank of Emclaire Financial, has completed its acquisition of the full-service branch office of National City Bank, now a part of the PNC Financial Services Group, located in Titusville, Pennsylvania.
According to Emclaire Financial, pursuant to the terms of the purchase and assumption agreement dated April 7, 2009, Farmers National Bank has assumed approximately $90m in deposits in exchange for approximately $32.7m in loans, $53.8m in net cash, and certain fixed assets of the branch office. The bank paid a premium of 3.4% on deposits assumed. The Farmers National Bank of Emlenton has retained all employees of the Titusville Office.
William Marsh, chairman, president and CEO of Emclaire Financial and The Farmers National Bank of Emlenton, said: We are thrilled to have entered the Titusville community. We look forward to welcoming our new customers and employees of the Titusville office to Farmers National Bank. We are grateful to everyone at Farmers, National City, and PNC for their tireless work and the professional manner in which they executed this acquisition.
we look forward to expanding our presence and relationships in this market and to continuing the Farmers tradition of superior customer service and community involvement.
