Peoples Bancorp (PEBO) of Marietta, Ohio., has agreed to buy Midwest Bancshares (MDWE) in Wellston, Ohio.
The $2.1 billion-asset People will pay $12.6 million in cash and stock for the $91 million-asset Midwest in a transaction that is expected to close by mid-2014. Midwest also has $61 million in loans and $79 million in deposits.
Peoples said that merger-related costs should offset incremental earnings this year tied to the deal.
"This transaction complements the insurance acquisitions we completed in mid-2013 and our overall growth strategy," Peoples President and Chief Executive Chuck Sulerzyski said in a press release. "We look forward to providing our extensive banking and investment product offerings, including our unique deposit products and wealth management services, to individuals and businesses in the Jackson County region."
Dinsmore & Shohl was Peoples' legal counsel. Midwest Bancshares was advised by Austin Associates and Shumaker, Loop & Kendrick.
Peoples has been an active acquirer. It agreed in July to pay $16.5 million for Ohio Commerce Bank.