Peoples acquires Sisterville Bancorp
Peoples Bancorp has completed an acquisition.
Sisterville Bancorp has been acquired by Peoples Bancorp, following business negotiations by merger and acquisition consultants.
The deal was effective as of the close of business on September 14th and follows the announcement in June 2012 that the enterprises intended to combine their operations.
Peoples paid $30.81 (£19.96) in cash per share of Sisterville common stock, resulting in a final cash consideration of $9.815 million.
It is expected that the deal will become accretive to Peoples' earnings in 2013.
Diversified financial services and products company Peoples is focused in Ohio, Kentucky and West Virginia and has assets of around $1.9 billion.
President and chief executive officer of the organisation Chuck Sulerzyski said: "We are delighted to be increasing our presence in Parkersburg and to be entering Sistersville."
As of August 31st 2012, Sisterville owned around $49 million in assets, with an estimated $31 million of loans and $39 million in deposits.
Posted by Ron Maverick
Source: Peoples Bancorp press release, September 17th