MARIETTA, Ohio, Sept. 17, 2021 /PRNewswire/ -- Peoples
Bancorp Inc. ("Peoples") (Nasdaq: PEBO), parent company of Peoples
Bank, announced today that it has completed its acquisition of
Premier Financial Bancorp, Inc. ("Premier") (Nasdaq: PFBI) and
Premier's wholly-owned subsidiaries, Premier Bank, Inc. ("Premier
Bank") and Citizens Deposit Bank & Trust, Inc.
("Citizens"). The acquisition became effective as of the
close of business on September 17,
2021. Peoples and Premier first announced that they had
entered into an agreement to merge on March
29, 2021.
The completed acquisition included the mergers of Premier Bank
and Citizens into Peoples Bank. As a result, Premier's 49
office locations throughout Kentucky, Maryland, Ohio, Virginia, West
Virginia and Washington
D.C., will operate as offices of Peoples Bank. Under
the terms of the agreement, shareholders of Premier will receive
0.58 shares of Peoples common stock for each share of Premier
common stock.
"We are excited to complete this transaction, which expands our
presence in Kentucky and
West Virginia and gains us an
entry into attractive markets within Virginia, Maryland and Washington, D.C.," said Chuck Sulerzyski, President and Chief Executive
Officer of Peoples. "We are thankful for the hard work and
dedication of the employees of Premier and Peoples in completing
this transaction. In the months ahead, we will begin
introducing clients in the Premier communities to our expanded
array of products and services, including electronic banking
services, investments and retirement planning solutions, insurance,
and an increased commercial banking capacity."
At June 30, 2021, Premier had
approximately $2.1 billion in total
assets, $1.2 billion in total loans
and $1.7 billion in total
deposits.
Peoples was advised by Raymond
James & Associates, Inc. and the law firm of Dinsmore
& Shohl LLP. Premier was advised by Piper Sandler
Companies and the law firm of Jackson Kelly PLLC.
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 and has
an established heritage of financial stability, growth and
community impact. As of June 30,
2021, Peoples had approximately $5.1
billion in total assets and 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 Investments, Peoples Premium Finance and North Star
Leasing) and Peoples Insurance Agency, LLC.
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SOURCE Peoples Bancorp Inc.
