Diversified financial services company Peoples Bancorp Inc. (PEBO) recently announced that it has completed the acquisition of Premier Financial Bancorp, Inc. The agreement was signed on March 29, 2021. The acquisition became effective on September 17, 2021, following the close of business.
As of June 30, 2021, Premier Financial had about $2.1 billion in total assets, $1.2 billion in total loans and $1.7 billion in total deposits.
Under the terms of the agreement, shareholders of Premier will receive 0.58 shares of Peoples common stock for each share of Premier common stock. The move includes the mergers of Premier Bank and Citizens into Peoples Bank.
The CEO of Peoples Bancorp, Chuck Sulerzyski, said, “We are excited to complete this transaction, which expands our presence in Kentucky and West Virginia and gains us an entry into attractive markets within Virginia, Maryland and Washington, D.C. In the months ahead, we will begin introducing clients in the Premier 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.” (See Peoples Bancorp stock chart on TipRanks)
The stock has a Moderate Buy consensus rating based on 1 Buy. Raymond James analyst David Long reiterated a Buy on the stock with a price target of $35 (14.8% upside potential).
Peoples Bancorp scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares of the company have gained 58.1% over the past year.
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