CHARLESTON, W. Va. -- Key Centurion Bancshares Inc. said it has agreed in principle to acquire People's Bank of Charles Town.

Key Centurion said it would exchange 1.5 shares of its common stock for each share of People's. The indicated market value is $2.5 million.

The deal is expected to close in the second quarter of 1992.

Charleston-based Key Centurion, with $3 billion in assets, is the largest bank holding company in West Virginia. People's, based in the community of Charles Town in the eastern part of the state, had $62.4 million in assets and $60.1 million in deposits as of Sept. 30, Key Centurion said.

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