Peoples Bancorp will acquire Citizens Bank of Kentucky and its parent company in a cash and stock transaction valued at approximately $76.6 million.
Peoples Bancorp, based in Marietta, Ohio, had $9.6 billion in total assets as of March 31 with 144 locations and branches in Ohio, West Virginia, Kentucky, Virginia, Washington D.C., and Maryland.
Citizens operates 12 branches located primarily in Eastern Kentucky. As of March 31, it had $686 million in total assets, which included $342 million in gross loans, and $586 million in total deposits.
“We are pleased to expand our footprint in Kentucky through the acquisition of an exceptional franchise in Citizens Bank of Kentucky. Their locations are within areas that mean a lot to us,” Tyler Wilcox, president and CEO of Peoples, said. “Citizens’ low-cost deposits and high level of balance sheet liquidity allow us to not only strengthen the Peoples’ deposit base but to also maintain the flexibility to remain under $10 billion in assets. We look forward to growing in Eastern Kentucky, working alongside Citizens’ employees, customers, and communities. Soon we will be able to offer more locations, products, and services to both Citizens and Peoples customers, making a greater impact in our Eastern Kentucky communities.”
The acquisition is expected to close during the second half of 2026, subject to customary closing conditions, regulatory approvals, and the approval of Citizens shareholders.
“We are looking forward to joining an outstanding organization that will continue our strong culture and believe this partnership will deliver meaningful value to our shareholders as well as to our customers and the communities we serve. Peoples has built a strong reputation in community banking and their experience in successful acquisition integrations will help deliver their relationship and community-driven culture to all of the Citizens stakeholders,”
Leisha Maynard, president and CEO of Citizens, said.
Citizens National Corporation, headquartered in Paintsville, Ky,, is the bank holding company for Citizens Bank of Kentucky.