Peoples Bancorp Agrees to $76.6 Million Cash-and-Stock Purchase of Citizens National

Context Peoples Bancorp, a regional bank headquartered in Ohio, operates about 40 branches across the Midwest and Southeast. Citizens National, based in Eastern Kentucky, runs 12 branches and holds roughly $686 million in assets, $342 million in loans, and $586 million in deposits. The acquisition adds a contiguous footprint in a market where Peoples already has limited presence, aiming to boost scale and cross‑sell opportunities.

Key Facts Under the agreement, Citizens shareholders will receive 2.10 shares of Peoples common stock plus $8.00 in cash for each share they own, valuing the transaction at approximately $76.6 million. Leisha Maynard, CEO of Citizens National, said she looks forward to joining Peoples Bancorp, expecting the partnership to deliver value to shareholders, customers, and communities, and praised Peoples' reputation and integration experience. The deal is expected to close in the second half of 2026, subject to regulatory and shareholder approvals, and is projected to be immediately earnings‑accretive, recover tangible book value in under a year, and generate an internal rate of return above 20%.

What It Means On the announcement date, Peoples Bancorp’s shares rose 1.11% while regional peers showed mixed moves: CTBI fell 0.92%, FSUN gained 1.08%, OBK edged up 0.20%, OCFC advanced 1.63%, and BFC slipped 0.07%. Peoples Bancorp’s market cap stood near $2.1 billion based on the prior close, making the deal roughly 3.6% of its equity value. The cash‑and‑stock mix reduces immediate dilution while giving Citizens sellers both upside and downside protection. Success hinges on securing regulatory clearances, a Citizens shareholder vote, and smooth integration of the 12 branches and 132 employees to realize the projected accretion and IRR.

Watch for updates on regulatory filings, the shareholder vote timetable, and post‑close integration milestones through 2026 and into 2027.