Peoples Bancorp Inc. (NASDAQ:PEBO) performed 1.22% to trade value at $32.26 in recent trading session and its total traded volume was 19340 shares versus to an average volume of 41.74K. The company has market cap of $629.39 million. The stock has monthly performance of 2.25% while its yearly performance remained at -9.89%.
On April 12, 2019, Peoples Bancorp Inc. (NASDAQ:PEBO), parent company of Peoples Bank, reported that the company has completed its acquisition of First Prestonsburg Bancshares Inc. (“First Prestonsburg”) and First Prestonsburg’s wholly-owned subsidiary, First Commonwealth Bank of Prestonsburg, Inc. (“First Commonwealth”). The acquisition became effective as of the close of business on April 12, 2019, in a transaction valued at approximately $43.7 million. Peoples and First Prestonsburg first announced that they had entered into an agreement to merge in October of last year.
The completed acquisition included the merger of First Commonwealth into Peoples Bank. As a result, First Commonwealth’s nine full-service banking locations, eight located in and around the Prestonsburg and Pikeville markets in eastern Kentucky and one located in Georgetown, Kentucky, just north of Lexington, will operate as branches of Peoples Bank. Under the terms of the agreement, shareholders of First Prestonsburg will receive 12.512 shares of Peoples common stock for each share of First Prestonsburg common stock. In addition, prior to the closing of the merger, First Prestonsburg paid a special aggregate cash distribution of $11.275 million to its shareholders.
Chuck Sulerzyski, President and Chief Executive Officer of Peoples said “We are excited to complete this transaction, which expands our presence in eastern Kentucky”. “We are thankful for the hard work and dedication of the employees of First Prestonsburg and Peoples in completing this transaction. In the months ahead, we will begin introducing clients in the First Prestonsburg 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 December 31, 2018, First Prestonsburg had approximately $308.5 million in total assets, $140.1 million in total loans and $236.6 million in total deposits.
Peoples was advised by Raymond James & Associates, Inc. and the law firm of Dinsmore & Shohl LLP. First Prestonsburg was advised by ProBank Austin and the law firm of Stoll Keenon Ogden PLLC.
The stock demonstrated move of 1.22% in previous 5 days graph. Its quarterly performance stands with the percentage of 3.33% while its year to date performance showed change of 7.18%.
The Company has an insider ownership of 2.80% and institutional ownership remained 61.80%. Its return on investment (ROI) for the last 12 month was 21.80% and its return on equity (ROE) of 9.30% while return on assets (ROA) is at 1.20%.
Cory Savage – Category – Business
Before joining Connecting Investor, Cory Savage worked as a freelance writer. He has more than 10 years’ experience in journalism and public relations. His experience in public relations includes press releases, promotional materials, and working with media outlets. He also has professional experience writing news, technology, and business stories. Cory leared CFA Level 2 from CFA Institute (USA). He has worked in diverse capacities from financial research to currency trading in a span of 3 years. Cory Savage covers Business news section.
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