Farmers, based in Canfield, Ohio, is expected to complete the acquisition of NAI, based in Rocky River, Ohio, during the second quarter of 2013. NAI will retain its corporate name, full staff and current location.
“We have plans for a smooth transition, followed by a multi-year growth plan of fee revenues that will complement the synergies of our Wealth Management division,” says John S. Gulas, Farmers’ president and CEO.
Farmers is a diversified financial services company with more than $1 billion in banking assets and $1 billion in trust assets.
“By partnering with Farmers, NAI is able to offer continued stability while introducing additional value-added services to our clientele,” says Gerrit C. Kuechle, president of NAI. “As a successful firm, a relationship with a strong, sustainable financial institution was very important to us.”
NAI is an independent consultant to retirement plans and offers actuarial, plan design, compliance and administrative services. As a third-party administrator (TPA), NAI provides services to 401(k), defined benefit (DB), profit-sharing, flexible spending, 403(b), ESOP and other plans. The company has assets of approximately $500 million and oversees more than 200 retirement planning accounts.