08:40 AM EDT, 10/22/2025 (MT Newswires) -- Farmers National Banc ( FMNB ) and Middlefield Banc ( MBCN ) said Wednesday they have agreed to merge in an all-stock transaction valued at about $299 million.

Under the terms, Middlefield shareholders will receive 2.6 shares of Farmers for each share they own, or $36.17 per Middlefield share based on Farmers' $13.91 close on Oct. 20, the company said.

The merger requires shareholder and regulatory approvals and is expected to close by the end of Q1 2026, Farmers said.

The combined bank will have about $7.4 billion in assets and 83 branches in Ohio and western Pennsylvania, the companies said.

Middlefield Banc ( MBCN ) shares were more than 18% higher in premarket trading, while Farmers National was little changed.