After reviewing its strategic alternatives, Peoples BancTrust Co. Inc. in Selma, Ala., has decided to remain independent.
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The $911 million-asset company hired Sandler O'Neill & Partners LP to do the review, which began in December. The firm examined "various strategic alternatives, including the potential sale of the company," Peoples BancTrust said in a press release Wednesday.
But rather than selling, the bank's board said, it concluded the best ways to maximize shareholder value are to expand lending operations and add branches.
Peoples BancTrust's stock price plunged on the news. In heavy trading it was down more than 10% late Thursday, to $20.15.
