Peoples Bancorp Acquires NB&T Financial
Peoples Bancorp announced it completed its acquisition of NB&T Financial Group and its wholly-owned subsidiary, Wilmington, OH-based The National Bank and Trust Company (NB&T), effective as of the close of business on March 6, 2015, in a cash and stock transaction valued at $31.00 per share or approximately $109 million in aggregate, including payment in cash for outstanding options. The company and NBTF had first announced that they had entered into an agreement to merge in August of last year.
The completed acquisition included the merger of NB&T into Peoples Bank. As a result, NB&T’s 22 full-service banking locations located in southwest Ohio will operate as branches of Peoples Bank.
Under the terms of the agreement, shareholders of NBTF received 0.9319 shares of Peoples common stock and $7.75 in cash for each share of NBTF common stock.
“We are thrilled to complete this transaction, which dramatically expands our presence into desirable new markets in southwest Ohio,” said Chuck Sulerzyski, president and CEO of Peoples. We are appreciative of the hard work and dedication of the employees of NB&T and Peoples 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 state of the art electronic banking services, investments and retirement planning solutions, insurance, and an increased commercial banking capacity.”
“As previously announced, Peoples has hired banking veteran Ed Reilly to lead the acquired branches as Executive Vice President and Regional President for the market. He brings over 30 years of banking experience to the position, including serving as District President for Key Bank in the southwest Ohio market from 2007 to 2012. Reilly has extensive experience in the communities served by NB&T, and a demonstrated ability to lead a team offering diverse financial services. We are excited about the opportunity to serve the customers and communities of NB&T,” said Reilly. “As a combined organization, we can do so much more for the customers and communities in our markets than either of us could do individually.”
At December 31, 2014, NBTF had approximately $648 million in total assets, $400 million in total loans and $554 million in total deposits.
Peoples was advised by Raymond James & Associates and the law firm of Dinsmore & Shohl. NBTF was advised by Keefe, Bruyette & Woods and the law firm Vorys, Sater, Seymour and Pease.