MARIETTA, Ohio, Aug. 22, 2014 /PRNewswire/ -- Peoples Bancorp
Inc. ("Company") (NASDAQ: PEBO), parent company of Peoples Bank,
National Association ("Peoples Bank"; collectively with the
Company, "Peoples"), announced today that it has completed its
acquisition of Ohio Heritage Bancorp, Inc. ("Ohio Heritage
Bancorp") (OTCQB: OHHB) and its wholly-owned subsidiary, Ohio
Heritage Bank, effective as of the close of business on
August 22, 2014, in a cash and stock
transaction with a total value of approximately $37.6 million, or $110 per share. The Company and Ohio
Heritage Bancorp had first announced that they had entered into an
agreement to merge in April of this year.
The completed acquisition included the merger of Ohio Heritage
Bank into Peoples Bank. As a result, Ohio Heritage Bank's six
full-service banking locations located in Coshocton, Newark, Mount
Vernon, Heath and
New Philadelphia, Ohio will
operate as branches of Peoples Bank. Under the terms of the
merger agreement, Ohio Heritage Bancorp's shareholders received 85%
of the total consideration in the Company's common stock and the
remainder in cash.
"We are very pleased to complete this transaction, which expands
our presence into desirable new markets in central Ohio," said Chuck
Sulerzyski, President and Chief Executive Officer of
Peoples. "We are thankful for the hard work and dedication of
the employees of Peoples and Ohio Heritage Bank 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. We believe customers will
appreciate our personalized brand of banking, broader choice of
financial products and services, and state of the art
technology."
At June 30, 2014, Ohio Heritage
Bancorp had $222 million in total
assets, $182 million in total loans
and $179 million in total
deposits.
Dinsmore & Shohl LLP served as the Company's legal
counsel. Ohio Heritage Bancorp was advised by Morgan Law.co, Kegler Brown Hill & Ritter
LPA and GBQ Consulting LLC.
Peoples is a diversified financial services holding company with
$2.4 billion in total assets, 56
sales offices and 54 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. The Company's common shares are traded on the
NASDAQ Global Select MarketĀ® under the symbol "PEBO", and the
Company is a member of the Russell 3000 index of US publicly-traded
companies. Learn more about Peoples at
www.peoplesbancorp.com.
Safe Harbor Statement:
Statements made in this news release that are not historical
facts are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, Section 21E
of the Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995. These statements
are subject to certain risks and uncertainties including, but not
limited to, the successful completion and integration of the
transaction contemplated in this release, which includes the
retention of the acquired customer relationships, adverse changes
in economic conditions, the impact of competitive products and
pricing and the other risks set forth in the Company's filings with
the Securities and Exchange Commission ("SEC"). As a result,
actual results may differ materially from the forward-looking
statements in this news release.
Peoples encourages readers of this news release to understand
forward-looking statements to be strategic objectives rather than
absolute targets of future performance. The Company
undertakes no obligation to update these forward-looking statements
to reflect events or circumstances after the date of this news
release or to reflect the occurrence of unanticipated events,
except as required by applicable legal requirements. Copies
of documents filed with the SEC are available free of charge at the
SEC's website at http://www.sec.gov and/or from Peoples'
website.
SOURCE Peoples Bancorp Inc.