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United States : NEXTIER, Farmers & Merchants merger sanctioned

June 6, 2014



The banks' boards of directors approved a merger between Farmers & Merchants Bank and NexTier bank, in the works for a year.

The merged operation will go on the NexTier Bank name.

More than a few positions will be created because of the merger, as per to NexTier spokesman Maria Smathers, who said that the banks hire about 250.

The merger must get regulatory authorization from government agencies and stakeholders. It's likely to be complete by the end of the year.

The merger will allow both banks to increase offerings to customers and, as a larger entity, better address increasing regulations stemming from the last decade's financial crisis.

Rich Krauland, president and CEO of Farmers & Merchants Bank said that the merger will enable the bank to offer customers mobile apps, insurance products, wealth management services and higher lending limits. He will remain president and CEO of the merged banks.

Krauland said, Because we'll be twice as big, our legal lending limit will almost double .

Mark Snyder of Kittanning's Snyder Associated Companies, who serves on the boards of both banks, said he sees the increased lending limit as a major benefit for Armstrong County business customers. He added that some Farmers & Merchants customers have reached the bank's maximum lending limit.

So in order to continue serving those customers, we have to bring another bank in, he said. Once this merger takes place, we won't have to do that.

Farmers & Merchants customers, as well as those at NexTier, can expect to see more information about the merger by the fall, as per to Krauland.


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Source: TendersInfo (India)


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