Sistersville Bancorp, holding company of First Federal Savings Bank said that the deal will offer Peoples further growth opportunities in Parkersburg and an entry into the Sistersville market.
Commenting on the new deal, Peoples Bancorp president and CEO Chuck Sulerzyski said that the bank is happy to add density to its existing West Virginia footprint while acquiring a strong franchise that complements its current growth strategy.
"We are excited about the opportunity to provide our extensive product offering, including our unique deposit products, in the Sistersville market," Sulerzyski added.
Sistersville chairman and CEO Stan Kiser said, "Our customers will gain access to a greater array of products and services, including trust, brokerage, insurance and commercial loan products, while continuing to see the same high level service they have come to expect."
As per the merger agreement, Peoples will pay $30.74 in cash for each share of Sistersville common stock for a total cash consideration of nearly $9.8m.
The deal is expected to close during the third quarter of 2012, subject to customary closing conditions, including regulatory approvals and Sistersville shareholder approval.
Dinsmore & Shohl served as Peoples’ legal counsel, while Sistersville is being advised by ParaCap Group, and Vorys, Sater, Seymour and Pease.
