Peoples Bancorp completes $39.6M acquisition of ASB Finacnial
Peoples Bancorp announced that it has completed its acquisition of ASB Financial and ASB's wholly-owned subsidiary, Portsmouth, Ohio-based American Savings Bank. The acquisition became effective as of the close of business in a cash and stock transaction valued at approximately $39.6M, or $20.00 per share. Peoples and ASB first announced that they had entered into an agreement to merge in October of last year. 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, Ohio 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 $20.00 cash for each share of ASB common stock, with a limit of 15% of the merger consideration paid in cash. At December 31, 2017, ASB had approximately $288.3M in total assets, $247.2M in total loans and $203.2M in total deposits.