Peoples Bancorp and Premier Monetary Bancorp will be part of forces in an all-stock merger valued at roughly $292.three million, in line with a press release on Monday (March 29).
Chuck Sulerzyski, president and CEO of Peoples, stated the merger with Premier will improve profitability whereas advancing development. “Premier’s sturdy core franchise supplies a pure extension of our current markets, in addition to entry into enticing markets inside Virginia, Maryland and Washington, D.C.,” Sulerzyski stated. “Over time, we now have efficiently expanded our West Virginia and Kentucky footprint.”
Collectively, the newly mixed firm may have 136 deposit places in Ohio, West Virginia, Kentucky, Maryland, Virginia and Washington, D.C. Whole property are anticipated to be about $6.7 billion and mixed loans at roughly $4.6 billion. With two group financial institution subsidiaries, Premier’s footprint spans 5 states in 38 municipalities working 48 branches. By year-end 2020, the monetary establishment had $1.9 billion in consolidated property.
Bob Walker, president and CEO of Premier, stated that Peoples is “one of many strongest banks within the area,” and that everybody — clients, staff, shareholders — will see perks from the tie-up. Peoples is claimed to have a protracted historical past “of worthwhile development and experience in efficiently executing acquisitions,” in addition to an expansive suite of merchandise. “Individuals’s group banking mannequin, tradition and dedication to high-quality customer support makes Peoples a wonderful alternative for Premier,” Walker stated.
The merger settlement, which was unanimously accepted by the boards of administrators of each corporations, supplies Premier shareholders with 0.58 shares of Peoples frequent inventory for every share of Premier frequent inventory. All informed, the deal is anticipated to be valued at $292.three million, or $19.69 per share. The acquisition ought to shut throughout the third quarter of 2021, and Premier’s workplaces will turn into branches of Peoples Financial institution.
Final month, M&T Bank Corp was trying to purchase Individuals’s United Monetary for greater than $7 billion. Between Peoples’ $6.6 billion worth and M&T Financial institution’s over $19 billion worth, the mixed entity may have had over $142.6 billion in property.