Peoples Bancorp in Marietta, Ohio, has obtained a $15 million credit line and has paid off an earlier loan.
The $3.3 billion-asset holding company for Peoples Banking & Trust Co. obtained the revolving line of credit from Raymond James Bank in St. Petersburg, Fla., according to a regulatory filing. The loan carries an annual rate of 3% plus Libor. Peoples closed the loan on March 4.
Peoples will use proceeds from the Raymond James credit line for potential acquisitions, stock-buybacks and for working capital and other general corporate purposes.
On March 2, Peoples terminated a $15 million credit line from U.S. Bancorp in Minneapolis. Peoples did not use proceeds from the Raymond James credit line to pay off the U.S. Bancorp loan, which it had obtained in December 2012.
Peoples in December last year increased its reserves by $6.6 million to cover commercial loans, extended to a single borrower in the coal industry, that it had classified as impaired.