The Farmers National Bank of Canfield is acquiring the Cortland Savings and Banking Co. in a cash-and-stock deal valued at $124 million that expands the former's market share in Northeast Ohio and positions it for additional growth. The combination will give Farmers some increased penetration in Cuyahoga County via Cortland's operations in Strongsville. It will mark Farmers' physical foray into Portage and Summit counties via acquired Cortland branches in Mantua, Windham and Hudson. The deal will position Farmers as the second largest depository in Trumbull County and the third largest in Mahoning County. The community banks' holding companies, Farmers National Banc Corp. (NASDAQ: FMNB) in Canfield and Cortland Bancorp Inc. of Cortland, announced the deal Wednesday, June 23. Farmers was founded in 1887, and Cortland was established in 1892.