CHARLES TOWN, W. Va. - Key Centurion Bancshares, West Virginia's largest bank holding company, and Peoples Bank of Charles Town announced completion of their previously announced merger.

The transaction was based on an exchange of 1.5 shares of Key Centurion common stock for each share of Peoples stock. Peoples Bank, with $61 million in assets and $48 million in deposits, operates two offices in Jefferson County.

With the deal, Charleston-based Key Centurion, which has assets of more than $3 billion and shareholder equity exceeding $313 million, obtained initial entry into the expanding eastern panhandle of West Virginia.

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