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.

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