Peoples Bancorp of Marietta, Ohio, has agreed to buy five branches from Community Trust Bancorp, Pikeville, Ky., for an undisclosed amount.

The branches are five of 12 West Virginia branches that Community Trust plans to purchase from Banc One Corp., Columbus, Ohio, for about $23.8 million.

Burlin Coleman, chairman of $1.8 billion-asset Community Trust, said Banc One wanted to sell the dozen branches-with $220 million of deposits-as a group.

Community Trust bid for the branches with the intention of reselling the offices furthest from its Kentucky headquarters, he said.

Community Trust plans to sell five of the branches, with $125 million of deposits and $10.5 million of loans, to Peoples immediately after completing the purchase from Banc One.

The transactions are expected to close during the second quarter.

Peoples' acquisition would mark the $698 million-asset company's entry into West Virginia.

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