Peoples Bancorp Inc. Elects New Director

Rhea-AI Summary

On October 26, 2021, Peoples Bancorp Inc. (Nasdaq: PEBO) announced the election of Douglas V. Reynolds to its Board of Directors. Reynolds, previously part of Premier Financial Bancorp until its acquisition by Peoples on September 17, 2021, brings extensive experience from various industries, particularly within West Virginia markets. He is currently the CEO of Energy Services of America and involved with several media and banking boards. Peoples, headquartered in Marietta, Ohio, reported total assets of $7.1 billion as of September 30, 2021.

Positive

• Douglas Reynolds brings diverse industry experience and market knowledge, which can enhance board decisions.
• The election aligns with Peoples' strategic goals post-acquisition of Premier, potentially improving integration and performance.

Negative

• Concerns about governance continuity as new members transition into the board from a recent acquisition.

MARIETTA, Ohio, Oct. 26, 2021 /PRNewswire/ -- Peoples Bancorp Inc. ("Peoples") (Nasdaq: PEBO) today announced that Douglas V. Reynolds has been elected to the Peoples Board of Directors.  He also joined the Board of Directors of Peoples' banking subsidiary, Peoples Bank.  Mr. Reynolds, 45, formerly served as a member of the Board of Directors of Premier Financial Bancorp, Inc. ("Premier") until Premier was acquired by Peoples on September 17, 2021.  

"We are pleased to welcome Doug to our board," said Susan Rector, Peoples' Chairman. "We appreciate his willingness to serve and look forward to benefiting from his insights."

Chuck Sulerzyski, President and Chief Executive Officer for Peoples, said that he too is pleased with Mr. Reynold's election.  "His varied career as a business leader in a number of industries and his in-depth knowledge of the West Virginia markets served by Peoples will be of tremendous value.  I'm delighted to have him join us."

Mr. Reynolds was a member of the Board of Directors of Premier since August 19, 2020, and he served on Premier's Nominating and Compensation Committees.

Mr. Reynolds is President and Chief Executive Officer of Energy Services of America Corporation ("Energy Services"), Huntington, West Virginia, a position he has held since 2012.  Energy Services provides contracting services for utilities and energy related companies, including gas, petroleum power, chemical, water and sewer and automotive industries.  Mr. Reynolds has served on the Board of Directors of Energy Services since 2008. 

Mr. Reynolds is also Managing Partner of HD Media Company, LLC, Huntington, West Virginia, a position he has held since 2013.  HD Media Company, LLC, owns several newspapers in West Virginia, including the Herald-Dispatch in Huntington and the Charleston Gazette-Mail in Charleston. 

Mr. Reynolds also serves as non-executive Chairman of the Board of Directors of the Bank of Mingo, in Mingo, West Virginia, a position he has held since 2019.

A licensed attorney, Mr. Reynolds served as Assistant Prosecuting Attorney for Cabell County, West Virginia, from 2008 to 2013, and he served as a member of the West Virginia House of Delegates from 2007 to 2016.  Mr. Reynolds holds a B.A. degree from Duke University, and a J.D. degree from West Virginia University.

On September 17, 2021, Peoples announced that it completed its acquisition of Premier and its wholly owned subsidiaries, Premier Bank, Inc. and Citizens Deposit Bank & Trust, Inc.  Peoples and Premier had first announced that they had entered into an agreement to merge on March 29, 2021.  Under the terms of the agreement to merge, following consummation of the acquisition, one Premier director selected by Peoples was to join Peoples' Board of Directors. 

Peoples is a diversified financial services holding 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. Peoples had $7.1 billion in total assets as of September 30, 2021, and 135 locations, including 120 full-service bank branches in Ohio, West Virginia, Kentucky, Virginia, Washington D.C. and Maryland.  Peoples' vision is to be the Best Community Bank in America and is one of only sixteen banks nationwide to be recognized by Forbes in 2021 as a Best-In-State Bank in more than one state.

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) and Peoples Insurance Agency, LLC.

View original content:https://www.prnewswire.com/news-releases/peoples-bancorp-inc-elects-new-director-301409091.html

SOURCE Peoples Bancorp Inc.

FAQ

Who is Douglas V. Reynolds in relation to Peoples Bancorp Inc.?

Douglas V. Reynolds was elected to the Board of Directors of Peoples Bancorp Inc. on October 26, 2021, after the acquisition of Premier Financial Bancorp.

What experience does Douglas V. Reynolds bring to Peoples Bancorp Inc.?

Reynolds has extensive experience as a CEO in the energy sector and has held various leadership roles in media and banking, particularly in West Virginia.

What were Peoples Bancorp Inc.'s total assets as of September 30, 2021?

Peoples Bancorp Inc. reported total assets of $7.1 billion as of September 30, 2021.

How does the election of Douglas V. Reynolds impact Peoples Bancorp Inc.?

Reynolds' election is expected to provide valuable insights and strengthen the board's oversight in light of the recent acquisition.