Marietta, Ohio-based Peoples Bancorp is expanding in eastern Kentucky by acquiring Citizens National Corporation, Paintsville, for $76.6 million..Announced April 21, the cash-and-stock acquisition is expected to close during the second half of this year. Citizens National Corporation is the parent company of Citizens Bank of Kentucky. The $686 million company has a dozen branches in eastern Kentucky along with $342 million in gross loans and $586 million in deposits.“Their locations are within areas that mean a lot to us,” said Peoples Bancorp President and CEO Tyler Wilcox. “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.” Peoples Bancorp is the holding company of Peoples Bank. As of late January, Peoples Bank had $9.6 billion in assets, $7.7 billion in deposits and 135 branches in a half dozen states — Ohio, West Virginia, Kentucky, Virginia, Washington, D.C. and Maryland. St. Petersburg, Fla.-based Raymond James & Associates was financial adviser to Peoples, while law firm Vorys, Sater, Seymour and Pease LLP, Columbus, Ohio, provided legal counsel. Springfield, Mo.-based Forvis Mazars Capital Advisors provided financial advice to Citizens, with legal counsel from the law firm of FBT Gibbons LLP, Cincinnati. Inverness, Ill.-based Hovde Group LLC issued a fairness opinion to Citizens.
