Overview
- Each Middlefield share will convert into 2.6 Farmers shares, valuing the deal at about $299 million, or $36.17 per Middlefield share.
- Boards of both companies unanimously approved the merger, which remains subject to shareholder and regulatory approvals with closing expected by the end of the first quarter of 2026.
- Farmers projects a combined franchise of roughly $7.4 billion in assets and about 83 branches, with Middlefield’s 21 locations rebranded to Farmers.
- Management highlights Columbus expansion as a key rationale, noting Middlefield’s recent loan growth in the region and Farmers’ existing Dublin presence.
- Farmers targets systems conversion in August 2026, anticipates about 7% earnings accretion in 2027, and plans to add two Middlefield directors to its board.