Peoples Bancorp in Marietta, Ohio, plans to enter the Cleveland market by acquiring Ohio Commerce Bank in Beachwood.
Peoples has agreed to pay $16.5 million in cash for the $107 million-asset Ohio Commerce, the buyer announced Tuesday. The merger is expected to close in the fourth quarter, pending regulatory approval.
Ohio Community has one branch in Beachwood, a Cleveland suburb. The $1.9 billion-asset Peoples Bank has 49 locations in Ohio, Kentucky and West Virginia, but none in the Cleveland area.
"We are pleased to continue to grow our footprint while acquiring a well-performing bank that complements our current growth strategy," Chuck Sulerzyski, Peoples' president and chief executive, said in a news release.
Ohio Community was majority owned by Capitol Bancorp until December 2009, when it bought out Capitol's stake for approximately $6.5 million and became independent.
Peoples bought three insurance agencies in Jackson, Ohio, in May.