Peoples Bancorp has reached an agreement to acquire NB&T Financial Group (NBTF) through a stock and cash transaction to boost presence in Ohio, US.
In accordance with the terms of the deal, for each share of NBTF common stock, its shareholders will receive 0.9319 shares of Peoples common stock and $7.75 in cash. The transaction has been valued at $31.00 per share or nearly $109m in aggregate.
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Peoples Bancorp president and CEO Chuck Sulerzyski said: "We believe that the commonalities between our two institutions, including NB&T’s solid balance sheet and similar culture, will help create one of the strongest independent community banks headquartered in Ohio."
Following closure of the integration process, two NBTF directors will join Peoples’ board of directors.
Raymond James & Associates, and the law firm of Dinsmore & Shohl advised Peoples; while NBTF was advised by Keefe, Bruyette & Woods, and the law firm Vorys, Sater, Seymour and Pease over the transaction.
Peoples Bancorp manages Peoples Bank, National Association, while NBTF manages Ohio-based The National Bank and Trust Company.
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