Peoples Bancorp, parent company of Peoples Bank, completed its previously announced acquisition of ASB Financial and its subsidiary, American Savings Bank. The acquisition became effective as of the close of business on April 13, 2018, in a cash and stock transaction valued at approximately $39.6 million.
American’s six full-service banking locations will subsequently 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.
“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 CEO of Peoples. “We are appreciative of the hard work and dedication of the employees of ASB and Peoples in completing this transaction.”
On this transaction, Peoples was advised by Raymond James & Associates and the law firm of Dinsmore & Shohl. ASB was advised by Boenning & Scattergood and Vorys, Sater, Seymour and Pease.