MARIETTA — Peoples Bancorp Inc., parent company of Peoples Bank, has completed its acquisition of ASB Financial Corp. and ASB’s wholly-owned subsidiary, Portsmouth-based American Savings Bank. The acquisition became effective as of the close of business Friday in a cash and stock transaction valued at about $39.6 million, or $20 per share. Peoples and ASB first announced they had entered into an agreement to merge in October 2017.
The completed acquisition included the merger of American into Peoples Bank. As a result, American’s six full-service banking locations, four located in the Portsmouth region and two located 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% 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.
Peoples is a diversified financial services holding company with $3.9 billion in total assets, 81 locations, including 71 full-service bank branches, and 77 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. Peoples’ common shares are traded on the NASDAQ Global Select Market under the symbol “PEBO,” and the company is a member of the Russell 3000 index of US publicly-traded companies.
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