Farmers National Bank CFO sets August retirement

Farmers National Bank has announced the coming retirement of chief financial officer Carl Culp and plans for his successor.

The bank’s parent company, Farmers National Banc Corp. (Nasdaq: FMNB) said Culp is slated to retire effective Aug. 15 following 32 years of work for the community bank. He has been its CFO the last 25 years.

“First and foremost, the board of directors thank Carl for his years of loyal service. It is difficult for me to express the countless contributions Carl has made over the course of his career to both the stability and extraordinary growth trajectory of our financial institution,” said Farmers president and CEO Kevin Helmick in a statement. “Carl exemplifies Farmers’ culture and has consistently led by example with his stalwart integrity and character.”

With Culp’s retirement imminent, Farmers said it has hired Troy Adair as executive vice president of finance, a title he’ll hold until stepping up as CFO upon Culp’s departure. The two will work together in a transition period until then. Culp is a Mahoning Valley native who currently living in Cortland.

Adair joins Farmers from Premier Bank, having worked there through its Youngstown-based predecessor Home Savings Bank since 2002. The last title he held there was senior vice president and treasurer.

Premier Bank was established in 2020 following the merger of Home Savings Bank and Defiance-based First Federal Bank of the Midwest.

Concurrent with Adair’s hire, Farmers announced the promotion of Joseph Sabat to vice president, chief accounting officer.

Farmers, founded in 1887, has about $3.3 billion in banking assets and 41 locations spanning Northeast Ohio and a sliver of northwest Pennsylvania. It’s opening a new “Lab Branch” later this year that will be its 42nd location.