MARIETTA - Peoples Bancorp Inc., parent company of Peoples Bank, has completed its acquisition of Midwest Bancshares Inc. and its wholly-owned subsidiary, First National Bank of Wellston, effective May 30 in a cash and stock transaction valued at $12.6 million, or $65.50 per share.
Peoples and Midwest had first announced that they had entered into an agreement to merge in January of this year.
The completed acquisition included the merger of First National into Peoples Bank. As a result, First National's two full-service banking locations located in Wellston and Jackson, Ohio will operate as branches of Peoples Bank. Under the terms of the merger agreement, Midwest shareholders received 50 percent of the total consideration in the Company's common stock and the remainder in cash.
"We are very pleased to complete this transaction and look forward to the benefits of acquiring a strong franchise," said Chuck Sulerzyski, president and chief executive officer of Peoples. "This partnership strengthens our presence in southeastern Ohio and complements our existing insurance operations in Jackson County. It also creates a more powerful community bank that emphasizes local decision-making, superior customer service, and giving back to the community.
"We are pleased by all of the hard work of the employees of Peoples and First National in completing this transaction. In the months ahead, we will begin introducing clients in the region to our expanded array of products and services, including commercial banking, wealth management, and retirement planning solutions," he said. "We believe customers will appreciate our personalized brand of banking, broader choice of financial products and services, and state of the art technology."
The transaction gives Peoples two banking offices and three ATMs in Jackson County, Ohio, along with an additional $89 million in total assets, which includes $61 million in total loans and $77 million in total deposits as of May 29, 2014. Peoples also retained Tony Thorne, the former President and Chief Executive Officer of both Midwest and First National, to serve as a market leader.
Dinsmore & Shohl LLP served as the Company's legal counsel. Midwest was advised by Austin Associates LLC and Shumaker, Loop & Kendrick, LLP.
Peoples is a diversified financial services holding company with $2.1 billion in assets, 50 sales offices and 47 ATMs in Ohio, West Virginia and Kentucky. Peoples makes available a complete line of banking, investment, insurance and trust solutions through its subsidiaries - Peoples Bank and Peoples Insurance Agency, LLC.