Peoples Bank to acquire Citizens Deposit Bank

Peoples Bank has announced it has entered into an agreement to acquire Citizens Deposit Bank & Trust and Premier Bank, Inc.

The acquisition is expected to be completed later this year, subject to regulatory and shareholder approval.

The move will position Peoples with 136 locations in Kentucky, Ohio, West Virginia, Maryland, Virginia, and Washington, DC.

Lewis County will be a new market for Peoples Bank, according to the release.

After the acquisition, Peoples Bank will be in the top fifteen of bank offices in Kentucky and Ohio, the release said.

When the acquisition is complete, all locations will become Peoples Bank branches.

Further details for customers will be released in the third quarter of 2021, according to the release.

The transaction is valued at approximately $292.3 million.

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