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News at The Farmers National Bank of Emlenton

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Farmers Donates to United Way of Venango County...


Farmers and United Way

The Farmers National Bank of Emlenton recently donated $5,332 to the United Way of Venango County in support of their annual fundraising campaign for 2016. 

Annually, the employees of The Farmers National Bank of Emlenton have the opportunity to contribute toward the campaign through payroll deduction.  Since the start of the program in 2010, employees have contributed over $26,000 to the United Way.  These employee elections have been distributed to the local United Way offices in the following areas:  Butler, Venango, Clarion, Grove City, DuBois, Titusville, St. Marys and Brookville.  The Bank’s pledge to match all employee donations is directed to the United Way of Venango County, home of the Bank’s headquarters. 

Accepting the donation on behalf of the United Way of Venango County was Jane Klinger, Executive Director.  Representing The Farmers National Bank of Emlenton were Shelly Hartle, Branch Manager of the Seneca office and Rick Grejda, Assistant Vice President, Commercial Loan Officer.

The United Way assists individuals and families by providing educational opportunities, financial stability and promoting healthy lives within the community.  For more information on how to donate or volunteer, please visit www.unitedwayofvenangocounty.org or call 814.676.6545. 

The Farmers National Bank of Emlenton is an independent, nationally chartered, FDIC-insured community commercial bank headquartered in Emlenton, Pennsylvania, operating fifteen full-service offices in Venango, Butler, Clarion, Clearfield, Crawford, Elk, Jefferson, and Mercer Counties, Pennsylvania.  The Bank is a wholly owned subsidiary of Emclaire Financial Corp (NASDAQ: “EMCF”).

For more information about The Farmers National Bank, please visit the website at www.farmersnb.com or call 877-862-9270.


Farmers Announces Pittsburgh Market Expansion with Aspinwall Office...


The Farmers National Bank of Emlenton announced that the opening of a full service branch banking office in Aspinwall, Allegheny County, Pennsylvania is planned for later this year.

The Bank recently received regulatory approval from the Office of the Comptroller of the Currency to open a branch office at 319 Freeport Road in the Pittsburgh suburb of Aspinwall.

This new office will complement the Bank’s acquisition of United American Savings Bank located on the South Side of Pittsburgh that was announced late last year.  The completion of the United American purchase is contingent upon approvals from both Farmers National Bank and United American banking regulators and United American shareholders.  This transaction is expected to be consummated during the second quarter of 2016.  Farmers National Bank expects to open the Aspinwall banking office during the third quarter 2016.

William C. Marsh, Chairman of the Board, President and Chief Executive Officer, of Farmers National Bank, and its parent holding company, Emclaire Financial Corp (Nasdaq: EMCF), noted, “We are excited by the prospect of better penetrating the Pittsburgh market through our purchase of United American Savings Bank and the opening of a new office in Aspinwall.  This expansion supports our strategy to profitably grow our banking franchise in contiguous markets and leverage our brand of hands on community banking.”

With the opening of the Aspinwall office and completion of the United American transaction, Emclaire Financial Corp, with nearly $600 million in assets, will enter the desirable Allegheny County banking market.  The Bank will expand from 15 offices in eight counties to 17 offices in nine western Pennsylvania counties. 

The Farmers National Bank of Emlenton is an independent, nationally chartered, FDIC-insured community commercial bank headquartered in Emlenton, Pennsylvania, operating fifteen full-service offices in Venango, Butler, Clarion, Clearfield, Crawford, Elk, Jefferson and Mercer Counties, Pennsylvania. The Bank is a wholly owned subsidiary of Emclaire Financial Corp (NASDAQ: “EMCF”). For more information about The Farmers National Bank, please visit the website at www.farmersnb.com or call 877-862-9270.


Emclaire Announces Agreement to Acquire United-American Savings Bank


Emclaire Financial Corp (NASDAQ: EMCF) (Emclaire), the parent holding company of The Farmers National Bank of Emlenton (Farmers National), and United-American Savings Bank (OTCBB: UASB) (United-American) jointly announced today that they have entered into an Agreement and Plan of Merger providing for the acquisition of United-American by Emclaire.  

Under the terms of the merger agreement, which has been unanimously approved by the boards of directors of both institutions, United-American, will ultimately merge into Farmers National and shareholders of United-American will receive $42.67 in cash for each share of common stock of United-American upon completion of the merger or approximately $14.1 million in the aggregate.   

William C. Marsh, Chairman, President and Chief Executive Officer of Emclaire and Farmers National, stated, “This transaction expands our existing presence in the Pittsburgh market, broadens our franchise, strengthens our market position and builds on our strategy to develop business in the desirable Pittsburgh metropolitan area.  United-American is a well-established institution with a good franchise, attractive balance sheet and a strong customer service culture. We believe we can provide their customers with a broader array of banking services, including expanded commercial and mortgage lending capabilities.” 

The transaction is expected to be immediately accretive to Emclaire’s earnings for the remainder of 2016 following the merger, excluding one-time charges, and 29% accretive to earnings in 2017 and higher in future years.  The merger is subject to the approval of the appropriate banking regulatory authorities and an affirmative vote of the shareholders of United-American. It is expected that the transaction should be completed late in the second or early in the third quarter of 2016. All of the directors and executive officers of United-American have entered into voting agreements with Emclaire pursuant to which they have agreed to vote their shares in favor of the merger.

Tom Smith, President and Chief Executive Officer of United-American, said, “We are thrilled to be joining with Emclaire and Farmers National, which is a premier regional banking franchise. We are excited about the new products and services that will be available to our customers and the community we serve.”  

At September 30, 2015, Emclaire had consolidated assets of approximately $582.4 million, deposits of $505.2 million, net loans of $406.0 million and shareholders' equity of $53.4 million.  At September 30, 2015, United-American had assets of approximately $90.8 million, deposits of $74.5 million, net loans of $65.4 million and shareholders' equity of $7.9 million. 

When the transaction is consummated, the combination of the two banking companies will create a bank with approximately $673 million in total assets providing banking services through 16 branch locations in Western Pennsylvania. The transaction will expand Emclaire's franchise into Pittsburgh. 

Silver, Freedman, Taff & Tiernan LLP, Washington, DC acted as legal counsel to Emclaire in the transaction.  Jones Walker LLP, Washington, DC acted as legal counsel and Raymond James & Associates, Inc. acted as financial advisor to United-American. 

About Emclaire Financial Corp 

Emclaire Financial Corp is the parent company of The Farmers National Bank of Emlenton, an independent, nationally chartered, FDIC-insured community bank headquartered in Emlenton, Pennsylvania, operating 15 full service offices in Venango, Butler, Clarion, Clearfield, Crawford, Elk, Jefferson and Mercer counties, Pennsylvania.  Emclaire’s common stock is quoted on and traded through the NASDAQ Capital Market under the symbol “EMCF”.  For more information, visit Emclaire’s website at “www.emclairefinancial.com”. 

About United-American Savings Bank  

United-American Savings Bank conducts a traditional community bank operation, offering retail banking services, one- to four-family mortgage loans, multi-family, commercial and other real estate mortgage loans, construction loans, automobile loans, second mortgage loans and other consumer loans. United-American operates from its main office in Southside Pittsburgh, Pennsylvania.  United-American maintains a website at www.uasb.com and its deposits are insured up to the maximum legal amount by the Federal Deposit Insurance Corporation (FDIC). United-American’s common stock is traded on the OTC Bulletin Board under the symbol “UASB.”  

Forward-looking Statements: 

This release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements do not relate strictly to historical or current facts. Forward-looking statements reflect management’s current views and estimates of future economic circumstances, industry conditions, company performance and financial results. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors - many of which are beyond our control - could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements regarding the transaction are based upon currently available information. 

Actual results could differ materially from those indicated in forward-looking statements. Among other factors, actual results may differ from those described in forward-looking statements due to: the possibility that the proposed transaction does not close when expected or at all because required regulatory, shareholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; the terms of the proposed transaction may need to be modified to obtain such approvals or satisfy such conditions; the anticipated benefits from the proposed transaction are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions, interest rates, laws and regulations and their enforcement, and the degree of competition in our markets; the ability to promptly and effectively integrate the businesses of the companies; the reaction of the companies' customers to the transaction; diversion of management time on merger-related issues; changes in asset quality and credit risk; the inability to sustain revenue and earnings; and competitive conditions. 

Emclaire’s Annual Report on Form 10-K and other reports filed with the SEC describe some additional factors which could cause actual conditions, events or results to differ significantly from those described in forward-looking statements. 

Forward-looking statements speak only as of the date they are made.  Copies of Emclaire’s reports filed with the SEC are available in the Financial Information section of Emclaire’s website, www.emclairefinancial.com.  We do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events.


Millin Promoted to Senior Vice President at Farmers...


The Farmers National Bank of Emlenton recently announced that Jerome F. Millin has been promoted to Senior Vice President, Chief Technology Officer.

In this position, Mr. Millin will be responsible for enhancing the technology platform of the organization, managing cyber security strategies and overseeing the functions of the information technology department. Since joining the Bank in May 2012, he has made significant technological advancements for the organization resulting in improvements with security monitoring, internal efficiencies and consumer services.

Mr. Millin is a Microsoft Certified Systems Engineer (MCSE), obtained his Certified Community Bank Security Professional Certification (CCBSP) through the Pennsylvania Association of Community Bankers and holds a Bachelors of Science in Economics from The Pennsylvania State University.  He resides in Venus, Pennsylvania.


Marsh to Serve Second Term as FHLBank Pittsburgh Member Director...


The Farmers National Bank of Emlenton recently announced William C. Marsh, Chairman of the Board, President and Chief Executive Officer was reelected as Member Director of the Federal Home Loan Bank of Pittsburgh (FHLBank) for Pennsylvania.  Marsh will begin his four-year term beginning January 1, 2016 ending on December 31, 2019.

As an intermediary between global capital markets and local lenders, FHLBank Pittsburgh provides readily available liquidity, as well as affordable housing and community development opportunities, to member financial institutions of all sizes in Delaware, Pennsylvania and West Virginia. The Bank is one of 11 banks in the Federal Home Loan Bank System, which was established by Congress in 1932 and serves as a reliable source of funds for housing, jobs and economic growth in all economic cycles

The Farmers National Bank of Emlenton is an independent, nationally chartered, FDIC-insured community commercial bank headquartered in Emlenton, Pennsylvania, operating fifteen full-service offices in Venango, Butler, Clarion, Clearfield, Crawford, Elk, Jefferson, and Mercer Counties, Pennsylvania.  The Bank is a wholly-owned subsidiary of Emclaire Financial Corp (NASDAQ: “EMCF”).

For more information about The Farmers National Bank, please visit the website at www.farmersnb.com or call 877-862-9270.


Farmers Pink Out Day Raises $700 for local foundations...


Pink Out DuBois

The Farmers National Bank of Emlenton recently hosted a bank-wide Pink Out Day in support of October’s Breast Cancer Awareness Month. Over $700 was raised between the Bank’s 15 offices, all located in Western Pennsylvania.

Funds will be donated to the Kirtland Cancer Foundation and A Glimmer of Hope Foundation – Symbol of the Cure.  The Kirtland Cancer Foundation, located in Franklin, PA, provides charitable assistance to cancer patients and their families in the Venango County Area regardless of where treatments are received. A Glimmer of Hope Foundation, located in Wexford, PA, is dedicated to raising awareness, furthering research, educating the public and increasing screenings and treatments for breast cancer.


Farmers Donates $2,500 to Knox Volunteer Fire Company...


 Farmers Bank Knox Fire

The Farmers National Bank of Emlenton recently donated $2,500 to the Knox Volunteer Fire Company.  This donation will help support the costs incurred while completing building updates at the current fire station located at 514 East Railroad Street in Knox, Pennsylvania.

“We appreciate the hard work and dedication put forth by the firefighters who volunteer to protect Knox and the surrounding area.  The Bank is pleased to support the renovation efforts of this organization and we appreciate the relationship that we have with the department,” said William C. Marsh, Chairman of the Board, President and Chief Executive Officer of The Farmers National Bank of Emlenton.

Accepting the donation on behalf of the Knox Volunteer Fire Company were Jason McMillen, Chairman of Fundraising Committee, Russ Cataldo II, Chief and Mike Mason, Secretary.  Representing The Farmers National Bank of Emlenton were Kelli Hilinski, Branch Manager of the Knox Office, and John Mason, Board Member.

The Knox Volunteer Fire Company has been serving and protecting Knox and the surrounding areas since 1933, responding to fire and emergency calls, search and rescue operations, public safety concerns, and more.  The Department continues to stay involved in all community activities and remains the center for many civic projects.

The Farmers National Bank of Emlenton is an independent, nationally chartered, FDIC-insured community commercial bank headquartered in Emlenton, Pennsylvania, operating fifteen full-service offices in Venango, Butler, Clarion, Clearfield, Crawford, Elk, Jefferson and Mercer Counties, Pennsylvania.  The Bank is a wholly owned subsidiary of Emclaire Financial Corp (NASDAQ: “EMCF”).  For more information about Farmers National Bank, please visit the website at www.farmersnb.com or call 877-862-9270. 


Farmers Named Best Place to Work in PA...


Best Places to Work 2015

The Farmers National Bank of Emlenton has been named one of the Best Places to Work in PA for 2015. The awards program, created in 2000, is one of the first statewide programs of its kind in the country. The program is a public/private partnership between Team Pennsylvania Foundation, the Pennsylvania Department of Community and Economic Development, the Pennsylvania State Council of the Society for Human Resource Management, and the Central Penn Business Journal

“Our Board of Directors, officers and employees are extremely excited about the Best Places to Work recognition.  It reflects the importance we place on providing a rewarding and satisfying work environment.  Our employees are among our most important constituents and supporters.  It is through their efforts and dedication that the Bank continues to expand, realize success, provide a superior customer experience and generate sound returns to all parties interested in our growth.  Irrespective of this honor, we place employees first and strive to provide the optimal workplace experience.  The Best Places to Work recognition merely validates ongoing efforts in this regard,” noted William C. Marsh, Chairman of the Board, President and Chief Executive Officer of The Farmers National Bank of Emlenton.

Companies from across the state entered the two-part process to determine the 100 Best Places to Work in PA. The first part of this process was evaluating each nominated company's workplace policies, practices, philosophies, systems and demographics. This part of the process was worth approximately 25% of the total evaluation. The second part consisted of an employee survey to measure the employee experience. This part of the process was worth approximately 75% of the total evaluation. The combined scores determined the top companies and the final ranking. Best Companies Group managed the overall registration and survey process.

This survey and awards program was designed to identify, recognize and honor the best places of employment in Pennsylvania, who are benefiting the state's economy and its workforce. Employers are categorized based upon the total number of employees they have in the United States, 25 to 249 employees and 250 or more employees.

The Farmers National Bank of Emlenton will be recognized at the Best Places to Work in PA awards banquet on Thursday, December 3, 2015, at the Lancaster County Convention Center in Lancaster, PA. Rankings will be revealed at the ceremony.

In addition to the public/private partnership, the program is supported by the following organizations: Lead Sponsor—Team Pennsylvania Foundation; Presenting Sponsor – BDO, USA; Major Sponsors—Protocol Solutions Group, LLC, Saul Ewing, LLP and Santander; Founding Partners—Team Pennsylvania Foundation and the Central Penn Business Journal; Program Partner—The Department of Community and Economic Development.

For more information on the Best Places to Work in PA, visit www.bestplacestoworkinpa.com or contact Emily Winslow, event coordinator at the Central Penn Business Journal at 717-236-4300 or emilyw@cpbj.com.

The Farmers National Bank of Emlenton is an independent, nationally chartered, FDIC-insured community commercial bank headquartered in Emlenton, Pennsylvania, operating fifteen full-service offices in Venango, Butler, Clarion, Clearfield, Crawford, Elk, Jefferson, and Mercer Counties, Pennsylvania.  The Bank is a wholly-owned subsidiary of Emclaire Financial Corp (NASDAQ: “EMCF”).

For more information about The Farmers National Bank, please visit the website at www.farmersnb.com or call 877-862-9270.


Butler Bankers Outing Donates $4,000 to United Way...


BankersOuting2015 sm resized 600On behalf of the Butler County Tourism & Convention Bureau’s Inaugural Butler County Bankers Open Golf Tournament, $4,000 was recently donated to the United Way of Butler County, a local non-profit organization.

The Butler County Bankers Open Golf Tournament was held at the Lake Arthur Country Club in Butler, PA and was attended by local bankers and guests.  Each foursome selected a charitable organization located in Butler County, to whom a donation would be presented on behalf of the winning team.  The Farmers National Bank of Emlenton won the tournament with golfers Joshua Fye, Robert Foust, Matthew Lucco and Nick Brucker.  “We chose the United Way of Butler County as the recipient of the funds” noted Lucco, Senior Vice President and Chief Financial Officer of the Farmers National Bank of Emlenton.  “We are proud to invest the proceeds back into Butler County – particularly in support of the United Way’s mission to help families achieve their fullest potential through education, income stability, and healthy living.”

Accepting the donation on behalf of United Way of Butler County was Kierston Hobaugh, Executive Director.  Representing Butler County Tourism & Convention Bureau was Jack Cohen, President.  Presenting the check on behalf of The Farmers National Bank of Emlenton was Matthew Lucco, Senior Vice President and Chief Financial Officer.

The United Way assists individuals and families by providing educational opportunities, financial stability and promoting healthy lives within the community.  For more information, please visit www.butlerunitedway.org or call 724-285-4883.


Farmers Announces $25,000 Gift to DuBois Area YMCA...


FarmersBank_DuBoisYMCA

The Board of Directors of The Farmers National Bank of Emlenton recently announced a $25,000 gift to support the DuBois Area YMCA’s Capital Campaign.  These funds will be used to assist with necessary facility updates, expansion efforts and renovations.

“Our Bank takes great pride in supporting the local communities that we serve – especially by providing monetary and volunteer support to local non-profit organizations like the DuBois Area YMCA.  The enhancements being made to the DuBois Area YMCA will create a modern area for community members to gather and practice healthy living.” said William C. Marsh, Chairman of the Board, President and Chief Executive Officer of The Farmers National Bank of Emlenton.

The DuBois Area YMCA Capital Campaign will provide for the addition of a warm-water therapeutic swimming pool, gymnasium renovations, updated roof and other building improvements.  The DuBois Area YMCA offers fitness facilities, youth development sports, healthy living activities and social volunteering opportunities.

Accepting the donation on behalf of the DuBois Area YMCA was Dan Dowling, President/CEO.  Representing The Farmers National Bank of Emlenton were Danyell Bundy, Vice President/Director of Branch Banking, Rick Doverspike, Assistant Vice President/Corporate Lending, and Kelli Allison, Branch Manager of the DuBois Office.


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