PEOPLES BANCORP INC. RECEIVES REGULATORY APPROVALS OF ITS MERGER WITH LIMESTONE BANCORP, INC.

Rhea-AI Summary

Peoples Bancorp Inc. (NASDAQ: PEBO) has received all regulatory approvals for its merger with Limestone Bancorp, Inc. (NASDAQ: LMST). This merger will position Peoples as the surviving corporation, streamlining operations as Peoples Bank merges with Limestone Bank, Inc. The Merger Agreement was initially made on October 24, 2022, receiving shareholder approval from both companies on February 23, 2023. With total assets of $7.2 billion and a wide service offering, Peoples aims to enhance its market presence across Ohio, Kentucky, West Virginia, Virginia, Washington D.C., and Maryland. This merger is expected to consolidate their resources, potentially leading to improved financial performance and service efficiency.

Positive

• Regulatory approvals obtained for the merger, facilitating consolidation.
• Merger expected to enhance market presence and operational efficiency.
• Peoples has significant total assets of $7.2 billion, supporting growth.

Negative

• None.

MARIETTA, Ohio, April 14, 2023 /PRNewswire/ -- Peoples Bancorp Inc. ("Peoples") (Nasdaq: PEBO), parent company of Peoples Bank, announced today that it has received all necessary regulatory approvals for the merger between Peoples and Limestone Bancorp, Inc. ("Limestone") (Nasdaq: LMST), with Peoples as the surviving corporation (the "Merger"), and for the merger between Peoples Bank and Limestone's wholly owned subsidiary, Limestone Bank, Inc.

The Agreement and Plan of Merger dated as of October 24, 2022, between Peoples and Limestone (the "Merger Agreement"), was approved by Peoples' shareholders on February 23, 2023.  Limestone's shareholders also approved the Merger Agreement on February 23, 2023. 

About Peoples:

Peoples is a diversified financial products and services company that makes available a complete line of banking, trust and investment, insurance, premium financing and equipment leasing solutions through its subsidiaries.  Peoples has been headquartered in Marietta, Ohio, since 1902 and has an established heritage of financial stability, growth and community impact.  As of December 31, 2022, Peoples had $7.2 billion in total assets, 130 locations, including 113 full-service bank branches in Ohio, Kentucky, West Virginia, Virginia, Washington D.C. and Maryland. 

Peoples is a member of the Russell 3000 index of U.S. publicly-traded companies.  Peoples offers services through Peoples Bank (which includes the divisions of Peoples Investment Services, Peoples Premium Finance and North Star Leasing), Peoples Insurance Agency, LLC, and Vantage Financial, LLC.

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SOURCE Peoples Bancorp Inc.

FAQ

What is the status of the merger between Peoples Bancorp and Limestone Bancorp?

Peoples Bancorp has received all necessary regulatory approvals for its merger with Limestone Bancorp.

When was the Merger Agreement between Peoples and Limestone Bancorp established?

The Merger Agreement was established on October 24, 2022.

What are the expected benefits of the merger for Peoples Bancorp?

The merger is expected to improve market presence and operational efficiency.

What is the total asset value of Peoples Bancorp as of December 31, 2022?

Peoples Bancorp had total assets of $7.2 billion as of December 31, 2022.

When did shareholders approve the merger agreement?

Shareholders of both Peoples Bancorp and Limestone Bancorp approved the merger agreement on February 23, 2023.