Ohio news portal vindy.com
reported that Farmers National Bank of Canfield has entered into a definitive agreement to acquire the Cortland, New York-based Bowers Insurance Agency Inc.
Terms of the transaction were not disclosed.
The merger is anticipated to close in the second quarter of this year.
Since its inception in 1913, Bowers has been insuring personal, agricultural and commercial risks.
Following the acquisition, Bowers will serve as a business extension of Farmers’ Wealth Management division, allowing Farmers’ financial experts to offer its full-service programs to Bowers’ customers.
The acquisition enhances Farmers’ current company and product lineup, and will enable “broader options of commercial, farm, home and auto property/casualty insurance carriers to meet all the needs of all Farmers’ customers.”