Peoples Bancorp has signed a definitve merger agreement to acquire Ohio-based North Akron Savings Bank, as part of its strategy to boost its banking footprint in the region.

As per terms of the definitive merger agreement, North Akron Savings Bank will be integrated into Peoples Bank in a cash and stock transaction valued at $20.1m, or $7,655 per share.

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Shareholders of North Akron Savings Bank will be given choice to receive the merger consideration in cash, the Company’s common stock, or a combination of both, subject to an overall allocation as 80% common stock and 20% cash.

Commenting on the acquisition, Peoples Bancorp president and CEO Chuck Sulerzyski said that the bank is pleased to expand its presence in northeastern Ohio and leverage its existing relationships in the region.

"We look forward to offering current North Akron Savings Bank customers many of the same products and services being offered by the region’s large banks while building upon the personal relationships Steve Hailer and his team have developed over the years," Sulerzyski added.

Pending receipt of concerned regulatory approvals as well as satisfying customary closing conditions, the transaction is expected to conclude during the fourth quarter of 2014.

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Dinsmore & Shohl has been hired to offer legal advice to Peoples Bancorp, while North Akron Savings Bank is being advised by Boenning & Scattergood and Brouse McDowell.

Originally founded in 1921 as North Hill Savings & Loan Company, North Akron Savings Bank currently manages a network of four full-service banking branches in Summit County, Ohio.

The acquired lender had nearly $147m in total assets, which included almost $118m in loans, and about $109m in total deposits, as of 31 March 2014.