Peoples Bancorp Inc. Receives Regulatory and Shareholder Approvals of its Merger with Premier Financial Bancorp, Inc.

Rhea-AI Summary

Peoples Bancorp Inc. (Nasdaq: PEBO) has secured all regulatory approvals for its merger with Premier Financial Bancorp, Inc. (Nasdaq: PFBI). The merger, with Peoples as the surviving entity, will also include the integration of Premier’s bank subsidiaries. Shareholder approvals have been obtained, with Peoples' shareholders voting on July 22, 2021, and Premier's shareholders on July 1, 2021. As of June 30, 2021, Peoples holds $5.1 billion in total assets and operates 89 locations across Ohio, West Virginia, and Kentucky.

Positive

• Acquisition enhances market presence and expands customer base.
• Regulatory approvals streamline the merger process.
• Shareholder approvals indicate strong support from both companies.

Negative

• None.

MARIETTA, Ohio, July 23, 2021 /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 Premier Financial Bancorp, Inc. ("Premier") (Nasdaq: PFBI), with Peoples as the surviving corporation (the "Merger"), and for the mergers between Peoples Bank and Premier's wholly owned subsidiary banks, Citizens Deposit Bank and Trust, Inc. and Premier Bank, Inc., with Peoples Bank as the surviving bank. 

Peoples also announced that the Agreement and Plan of Merger (the "Merger Agreement") dated as of March 26, 2021 between Peoples and Premier, was approved by Peoples' shareholders on July 22, 2021.  Premier's shareholders approved the Merger Agreement on July 1, 2021. 

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 June 30, 2021, Peoples had $5.1 billion in total assets, 89 locations, including 76 full-service bank branches in Ohio, West Virginia and Kentucky. 

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.

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SOURCE Peoples Bancorp Inc.

FAQ

What are the details of the Peoples and Premier merger?

Peoples Bancorp has received all necessary regulatory approvals to merge with Premier Financial Bancorp, with Peoples as the surviving corporation.

When did shareholders approve the merger between Peoples and Premier?

Peoples' shareholders approved the merger on July 22, 2021, while Premier's shareholders approved it on July 1, 2021.

What is the expected impact of the merger on Peoples Bancorp?

The merger is expected to enhance Peoples' market presence and customer base, leveraging Premier's existing operations.

What was the total asset size of Peoples Bancorp as of June 30, 2021?

As of June 30, 2021, Peoples Bancorp had total assets of $5.1 billion.