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United States : PEOPLES BANCORP INC. raises $40 million in a private financing $109 million

August 11, 2014

Peoples Bancorp Inc. raised $40 million in a private placement to help finance its $109 million acquisition of NB&T Financial Group Inc.

The parent of Peoples Bank sold 1,847,826 shares of common stock at a price of $23 per share to institutional investors, at the Securities and Exchange Commission.

Peoples agreed to acquire the parent of National Bank and Trust Co. in a cash-and-stock deal which is expected to close by the 1Q of 2015.

Peoples CEO Chuck Sulerzyski, said that the bank wanted to raise $40 million to supplement its payment from capital reserves, and garnered interest to raise $80 million.

Growth by acquisition has been the headline of that story over the past several years. The NB&T deal marks Peoples 4th acquisition in Ohio and a dozen over its footprint since 2012.

The latest deal puts Peoples into southwest Ohio, where $652 million-asset NB&T operates 22 branches.

Peoples has $2.2 billion in assets and 50 branch offices throughout West Virginia, Kentucky and Ohio.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)

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