Fed approves Peoples Bancorp's purchase of Kentucky's Citizens National
The Marietta bank's $76.6 million cash-and-stock deal adds 12 Eastern Kentucky branches and about $686 million in assets.
Published Oct 14, 2026, Eastern Time
Source / event date: Sep 25, 2026
The Federal Reserve Board on Sept. 25 approved Peoples Bancorp's acquisition of Citizens National Corp. of Paintsville, Ky., along with the merger of Citizens Bank of Kentucky into Marietta-based Peoples Bank and the right to operate Citizens' branches. [1]
The companies announced the deal April 21. Citizens shareholders are to receive 2.10 Peoples shares plus $8 in cash for each share, which valued the deal at about $76.6 million, or $78.39 a share, at the time. [2]
Citizens had $686 million in assets, $586 million in deposits and 12 branches, mostly in Eastern Kentucky, as of March 31. Peoples reported $9.6 billion in assets and 144 locations at the same date. [2]
The companies expected to close in the second half of 2026, subject to regulatory approvals and a vote of Citizens shareholders. Peoples' chief executive said the deal still leaves the company room to stay under $10 billion in assets, the level at which banks take on added federal requirements. [2]
Sources
- Federal Reserve Board announces approval of application by Peoples Bancorp Inc. · Federal Reserve Board · Sep 25, 2026
- Peoples Bancorp Inc. and Citizens National Corporation Announce Definitive Merger Agreement · Peoples Bancorp (SEC filing) · Apr 21, 2026
Written by The Ohio Catch. AI-assisted reporting, checked against the sources above. Report an error.