MARIETTA — Peoples Bancorp Inc., parent company of Peoples Bank, announced it has completed its acquisition of ASB Financial Corp. and ASB’s wholly-owned subsidiary, Portsmouth, Ohio-based American Savings Bank.

The acquisition became effective as of the close of business on April 13 in a cash and stock transaction valued at approximately $39.6 million, or $20 per share, the companies said. Peoples and ASB first announced they had entered into an agreement to merge in October of last year.

The completed acquisition included the merger of American into Peoples Bank. As a result, American’s six full-service banking locations, four in the Portsmouth region and two in the Cincinnati region, will operate as branches of Peoples Bank.

Under the terms of the agreement, shareholders of ASB were able to elect to receive 0.592 shares of Peoples common stock or $20 cash for each share of ASB common stock, with a limit of 15 percent of the merger consideration paid in cash.

“We are thrilled to complete this transaction, which expands our presence in Cincinnati and helps fill in our footprint between southwest and southeast Ohio,” said Chuck Sulerzyski, President and Chief Executive Officer of Peoples. “We are appreciative of the hard work and dedication of the employees of ASB and Peoples in completing this transaction. In the months ahead, we will begin introducing clients in the ASB 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 Dec. 31, 2017, ASB had approximately $288.3 million in total assets, $247.2 million in total loans and $203.2 million in total deposits.