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CANFIELD, OH – Farmers National Banc Corp (NASDAQ:FMNB), a state commercial bank headquartered in Ohio with a market capitalization of $541 million and an impressive 31-year track record of consistent dividend payments, today announced the upcoming retirement of Timothy F. Shaffer. According to InvestingPro data, the bank currently offers a 4.7% dividend yield and trades at a P/E ratio of 11.6. Shaffer, who currently holds the positions of Senior Executive Vice President, Chief Banking Officer, and Chief Credit Officer, will retire effective April 16, 2025.
The announcement comes as part of the company’s succession planning, following Shaffer’s appointment as Chief Banking Officer on January 15, 2025. The company has initiated an executive search to identify a successor for the Chief Credit Officer role. This transition is aligned with Farmers National Banc Corp’s strategic planning and is expected to be seamless for the operations of both the company and The Farmers National Bank of Canfield, its national banking subsidiary.
Shaffer’s departure marks the end of a significant period of service with the company, although further details regarding his tenure or achievements were not disclosed in the SEC filing. The company has not yet announced any potential candidates for the soon-to-be-vacant positions, nor has it provided details on the anticipated direction the company will take following Shaffer’s retirement.
The information regarding this executive transition was based on a press release statement filed with the Securities and Exchange Commission. Farmers National Banc Corp has not released additional comments on the matter at this time. The market’s response to this announcement remains to be seen as shareholders and customers alike anticipate the impact of this leadership change on the company’s future. Based on InvestingPro’s Fair Value analysis, the stock currently appears undervalued, with additional ProTips and detailed metrics available for subscribers.
In other recent news, Farmers National Banc Corp. has announced a quarterly cash dividend of $0.17 per share. The company’s Board of Directors confirmed that shareholders on record as of March 14, 2025, will be eligible for the dividend, with disbursement scheduled for March 31, 2025. In a separate announcement, the Board approved the same dividend amount for shareholders on record as of December 13, 2024, with payment set for December 31, 2024. These declarations are in line with the company’s ongoing practice of providing returns to its shareholders. As of December 31, 2024, Farmers National Banc Corp. reported $5.1 billion in banking assets and $4.2 billion in wealth management assets. Previously, as of September 30, 2024, the company reported $5.2 billion in banking assets and $4.0 billion in wealth management assets. These financial figures underscore the company’s significant presence in Ohio and Pennsylvania. The announcements were made through press release statements issued by Farmers National Banc Corp.
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