Peoples Bancorp Completes Acquisition of Russell Federal Savings Bank

Peoples Bancorp Inc. announced the successful completion of its acquisition of Russell Federal Savings Bank, a federal savings bank subsidiary, for approximately $9.25 million in cash. The acquisition was effective January 1, 1997, and marks a significant milestone for Peoples Bancorp, a Marietta, Ohio-based financial institution with total assets in excess of $615 million. The acquired bank, Russell Federal Savings Bank, operated one full-service office in Russell, Kentucky, and held total assets of $28.2 million, deposits of $19.6 million, and shareholders' equity of $8.1 million at September 30, 1996. Peoples Bancorp's President and CEO, Robert E. Evans, expressed enthusiasm about the opportunities presented by the acquisition, particularly in the tri-state markets of Northeast Kentucky and adjacent Ohio and West Virginia.

Key Takeaways:

• Peoples Bancorp Inc. acquired Russell Federal Savings Bank for approximately $9.25 million in cash.
• The acquisition was completed on January 1, 1997.
• Russell Federal Savings Bank plans to continue operations as a federal savings bank subsidiary of Peoples Bancorp, maintaining its management, officers, and directors.
• The acquired bank operates one full-service office in Russell, Kentucky.
• At September 30, 1996, Russell Federal Savings Bank held total assets of $28.2 million, deposits of $19.6 million, and shareholders' equity of $8.1 million.
• Peoples Bancorp's financial services subsidiaries include The Peoples Banking and Trust Company, The First National Bank of Southeastern Ohio, and Russell Federal Savings Bank.
• Through its subsidiaries, Peoples Bancorp offers complete banking services and makes available several other financial services, such as investment and insurance products.
• Peoples Bancorp is headquartered in Marietta, Ohio, with total assets exceeding $615 million.
• Campbell, CEO of Peoples Bancorp, expressed excitement about the acquisition, acknowledging the opportunities presented by the expansion into the tri-state markets.

Statistics:

• $9.25 million: The approximate amount paid for Russell Federal Savings Bank.
• January 1, 1997: The effective date of the acquisition.
• $28.2 million: The total assets held by Russell Federal Savings Bank at September 30, 1996.
• $19.6 million: The deposits held by Russell Federal Savings Bank at September 30, 1996.
• $8.1 million: The shareholders' equity held by Russell Federal Savings Bank at September 30, 1996.
• $615 million: The total assets of Peoples Bancorp.

Sources:

• PR Newswire / CONTACT: Robert E. Evans, President and CEO, of Peoples Bancorp, 614-373-3155/ (PEBO)