MARIETTA - On July 1, Peoples Bank signed a definitive agreement to acquire all of the outstanding common stock of Ohio Commerce Bank, which operates a single branch in Beachwood, Ohio.
"We are pleased to continue to grow our footprint while acquiring a well performing bank that complements our current growth strategy," said Chuck Sulerzyski, Peoples Bank president and CEO. "Dell Duncan and the Ohio Commerce team have done an excellent job of building a franchise that focuses on serving the banking needs of local small businesses and entrepreneurs. We are excited about the opportunity to provide our extensive product offering and a full spectrum of financial expertise to Ohio Commerce customers."
Stuart Kline, chairman of Ohio Commerce, said, "We are excited to be affiliated with an outstanding community bank such as Peoples, and we believe this transaction will be beneficial for our customers and community. Our customers will gain access to a greater array of products and services, including retirement plan services, investment, insurance and more commercial loan products, while continuing to see the same high level service they have come to expect. We will also have a significantly larger lending limit, which will allow us to invest even more in our local communities."
Under the terms of the agreement, Peoples Bank has agreed to pay $13.75 in cash for each share of Ohio Commerce common stock for a total cash consideration of approximately $16.5 million.
Peoples expects this acquisition to be accretive to its 2014 earnings per share.
The transaction is subject to customary closing conditions, including regulatory approvals and Ohio Commerce shareholder approval, and is anticipated to be completed in the fourth quarter of 2013.
On March 31, Ohio Commerce had total assets of $107 million, total loans of $86 million and total deposits of $95 million.
Peoples Bancorp Inc. is a diversified financial services holding company with $1.9 billion in total assets, 49 locations and 44 ATMs in Ohio, West Virginia and Kentucky.