EMLENTON — The Farmers National Bank of Emlenton is acquiring the United-American Savings Bank in Pittsburgh.

Under the agreement, which has been approved by the boards of both banks, United-American will merge into Farmers National. United-American shareholders will receive $42.67 for each share of United-American stock, about $14.1 million total.

In a news release, William C. Marsh, chairman, president and CEO of Farmers and Emclaire Financial, the parent company of Farmers, said, “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.”

The merger is subject to the approval of banking regulatory authorities and a vote of the shareholders of United-American.

It is expected to be completed late in the second or early in the third quarter of 2016.

As of Sept. 30, Emclaire had assets of $582.4 million, deposits of $505.2 million, net loans of $406.0 million and shareholders’ equity of $53.4 million.

At Sept. 30, United-American had assets of $90.8 million, deposits of $74.5 million, net loans of $65.4 million and shareholders’ equity of $7.9 million.

The merger will create a bank with $673 million in assets.

It will have 16 offices in Western Pennsylvania, according to the release.

Farmers National Bank of Emlenton has 15 offices in Venango, Butler, Clarion, Clearfield, Crawford, Elk, Jefferson and Mercer counties.

United-American Savings has its office on the Southside of Pittsburgh.