MARIETTA, Ohio, May 1, 2023
/PRNewswire/ -- Peoples Bancorp Inc. ("Peoples") (Nasdaq: PEBO),
parent company of Peoples Bank, announced today that it has
completed its acquisition of Limestone Bancorp, Inc. ("Limestone")
(NASDAQ: LMST) and Limestone's wholly-owned subsidiary, Limestone
Bank, Inc. ("Limestone Bank"). The acquisition became
effective as of the close of business on April 30, 2023. Peoples and Limestone first
announced that they had entered into an agreement to merge on
October 25, 2022. Under the
terms of the agreement, shareholders of Limestone received 0.90
shares of Peoples common stock for each share of Limestone common
stock. At March 31, 2023,
Limestone had approximately $1.5
billion in total assets, $1.1
billion in total loans and $1.2
billion in total deposits.
"We are delighted to complete this combination with Limestone,
which bolsters our Kentucky
franchise and expands our reach into additional attractive
markets," said Chuck Sulerzyski,
President and Chief Executive Officer of Peoples. "We are
thankful for the hard work and dedication of the employees of
Limestone and Peoples in completing this transaction. We look
forward to welcoming Limestone shareholders and employees to become
part of the Peoples team, and we are excited to introduce our array
of products, services, and additional locations to clients in the
Limestone communities."
The completed acquisition included the merger of Limestone Bank
into Peoples Bank. As a result, Limestone's 20 branches
throughout Kentucky will operate
initially as a division of Peoples Bank. Peoples Bank will
convert the Limestone branches to Peoples Bank branches after the
close of business on August 4,
2023.
Peoples was advised by Raymond
James & Associates, Inc. and the law firm of Dinsmore
& Shohl LLP. Limestone was advised by Piper Sandler & Co. and the law firm of
Wyatt, Tarrant & Combs, LLP.
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.
Peoples had $7.3 billion in total
assets as of March 31, 2023, and 130
locations, including 113 full-service bank branches in Ohio, West
Virginia, Kentucky,
Virginia, Washington D.C. and Maryland. Peoples'
vision is to be the Best Community Bank in America.
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), Peoples
Insurance Agency, LLC and Vantage Financial, LLC.
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SOURCE Peoples Bancorp Inc.