Merger of Peoples Bancorp and Three Rivers Financial Corp.

Strategic Insights -

Shareholders of Peoples Bancorp and Three Rivers Financial Corp. have overwhelmingly approved the merger between the two companies. Over 95 percent of voting shareholders approved the deal, which will result in Peoples Bancorp being the surviving holding company, operating Peoples Federal Savings Bank and First Savings Bank as two separate banking institutions. The merger is expected to bring increased financial strength and benefits to customers, with both banks continuing to offer high-quality service while sharing ideas and individual strengths.

Key Takeaways:

  • The merger was approved by over 95 percent of voting shareholders, a clear indication of support from both companies' stakeholders.
  • Peoples Bancorp will be the surviving holding company, and will operate Peoples Federal Savings Bank and First Savings Bank as two separate banks.
  • The merger is expected to bring increased financial strength to both banks, with customers continuing to receive high-quality service.
  • Both Maurice F. Winkler, III (president of Peoples Federal), and G. Richard Gatton (president of First Savings Bank) will continue in their respective positions after the merger.
  • The closing date for the transaction is anticipated to be February 29, 2000, after obtaining all necessary regulatory and shareholder approvals.
  • Shareholders of Three Rivers Financial Corp. will receive 1.08 shares of Peoples Bancorp common stock for each share of Three Rivers common stock owned.
  • Following the merger, Peoples Bancorp declared a second-quarter dividend of 13 cents per share, which will be paid on April 20, 2000, to stockholders of record as of April 3, 2000.

Statistics:

  • 95% - the percentage of voting shareholders who approved the merger
  • 8 - the number of full-service offices operated by Peoples Federal Savings Bank
  • 6 - the number of full-service offices operated by First Savings Bank
  • 13 cents per share - the amount of the second-quarter dividend declared by Peoples Bancorp
  • 1.08 - the exchange ratio for shareholders of Three Rivers Financial Corp. who will receive Peoples Bancorp common stock
  • 2 banks - the number of separate banking institutions that will continue to operate after the merger

Sources:

  • Business Wire, "Peoples Bancorp and Three Rivers Financial Corp. Announce Merger", February 17, 2000.