MARIETTA, Ohio Peoples Bancorp. said it has reached an agreement to buy Lower Salem Commercial Bank for between $2.3 million and $2.4 million in cash and stock.
Peoples, of Marietta, has $1.1 billion of assets. Lower Salem Commercial, of Lower Salem, Ohio, had $26.2 million of assets, including $18.9 million of loans, on June 30. It would operate as a subsidiary.
Peoples said it expects to sign a definitive agreement this month that will give Lower Salem shareholders the option to receive cash, shares, or both.
The acquisition is scheduled to close during the first quarter.
