Farmers expects to complete the acquisition during the second quarter of 2013. NAI will retain its corporate name, full staff of 17 employees and current location. John S. Gulas, Farmers’ president and chief executive of Farmers, said the company plans for a smooth transition and multi-year growth plan of fee revenues.
The partnership with a “strong, sustainable financial institution” allows NAI to offer continued stability while introducing additional value-added services to its clientele, said Gerrit C. Kuechle, president of NAI.
Farmers, in Canfield, Ohio, is a diversified financial services company with more than $1 billion in banking assets and $1 billion in trust assets.
NAI, in Rocky River, Ohio, is an independent consultant to retirement plans and offers actuarial, plan design, compliance and administrative services. The company has assets of approximately $500 million and oversees more than 200 retirement planning accounts.