Peoples Bancorp (PEBO) in Marietta, Ohio, has agreed to buy North Akron Savings Bank in Ohio.
Peoples said in a press release Monday that it will pay about $20.1 million in cash and stock for the $147 million-asset North Akron Savings. Peoples said that 80% of the consideration will involve common stock.
Peoples said it expects to complete the acquisition in the fourth quarter. North Akron also has four branches, $118 million in loans and $109 million in deposits.
"We believe this acquisition helps to build a good network from Marietta to Cleveland along the Interstate 77 corridor with relatively low risk," Chuck Sulerzyski, Peoples' president and chief executive, said in the release. "This transaction also allows us to make further progress with improving our earning asset mix and creating more diversity within the loan portfolio."
Peoples said it expects the deal to boost its earnings per share by 6 cents starting next year. The company said it should be able to earn back the deal's expected 2% dilution to tangible book value in three years.
Dinsmore & Shohl was Peoples' legal advisor. North Akron Savings was advised by Boenning & Scattergood and Brouse McDowell.
Peoples had already announced two other acquisitions this year. In January it agreed to buy the $91 million-asset Midwest Bancshares in Wellston, Ohio, for roughly $13 million. Earlier this month, it agreed to buy the $252 million-asset Ohio Heritage (OHHB) in Coshocton for $38 million.