MARIETTA, Ohio, March 1, 2019 /PRNewswire/ -- Peoples Bancorp Inc. ("Peoples") (PEBO), parent company of Peoples Bank, announced today that it has received all necessary regulatory approvals for the merger between Peoples and First Prestonsburg Bancshares Inc. ("First Prestonsburg") and for the merger between Peoples Bank and First Prestonsburg's wholly owned subsidiary, First Commonwealth Bank of Prestonsburg, Inc. ("First Commonwealth").
On February 12, 2019, the shareholders of First Prestonsburg approved the merger with Peoples through adoption of the previously announced definitive merger agreement, pursuant to which First Prestonsburg will merge with and into Peoples, and First Commonwealth will subsequently merge with and into Peoples Bank.
Peoples expects that the closing of the merger with ASB will occur early in the second quarter of 2019. Completion of the merger remains subject to the satisfaction of customary closing conditions set forth in the merger agreement.
Peoples is a diversified financial products and services company with $4.0 billion in assets, 81 locations, including 72 full-service bank branches and 76 ATMs in Ohio, West Virginia and Kentucky. Peoples makes available a complete line of banking, investment, insurance, and trust solutions through its subsidiaries - Peoples Bank and Peoples Insurance Agency, LLC. Peoples' common shares are traded on the NASDAQ Global Select Market® under the symbol "PEBO", and Peoples is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com.
About First Prestonsburg:
First Prestonsburg Bancshares, Inc. is the parent holding company of First Commonwealth Bank of Prestonsburg, Kentucky. First Commonwealth Bank serves the Big Sandy area of eastern Kentucky, with eight locations throughout Floyd, Johnson, Magoffin, Martin and Pike Counties.
Safe Harbor Statement:
Statements made in this news release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are subject to certain risks and uncertainties including, but not limited to, the successful completion and integration of the transaction contemplated in this release, which includes the retention of the acquired customer relationships, adverse changes in economic conditions, the impact of competitive products and pricing and the other risks set forth in Peoples' filings with the Securities and Exchange Commission ("SEC"). As a result, actual results may differ materially from the forward-looking statements in this news release.
Peoples encourages readers of this news release to understand forward-looking statements to be strategic objectives rather than absolute targets of future performance. Peoples undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events, except as required by applicable legal requirements. Copies of documents filed with the SEC are available free of charge at the SEC's website at http://www.sec.gov and/or from Peoples' website.