Peoples Bancorp (PEBO) in Marietta, Ohio, has acquired an insurance agency office in Pikeville, Ky.
The $1.9 billion-asset company said Thursday that its insurance unit bought the commercial insurance office and a number of customer accounts from an unnamed seller. Peoples' paid an undisclosed amount of cash on Wednesday for the accounts, which it expects to generate $1.6 million in annual commissions. The deal included four salespeople and six other.
"We are pleased with this opportunity to expand our presence and capabilities in eastern Kentucky," Chuck Sulerzyski, Peoples' chief executive, said in a press release. "With this acquisition, we have added strong, professional sales expertise to our agency which complements our existing insurance operations in northeastern Kentucky."
In September, Peoples bought Sistersville Bancorp in West Virginia for $9.8 million in cash.
Peoples, which recently bought a small financial advisory business in Gallipolis, Ohio, continues to assess opportunities to buy banks, insurance agencies and wealth management businesses in Ohio, West Virginia and Kentucky, according a recent quarterly filing with the Securities and Exchange Commission.