LEBANON, Pa. - Peoples Bancorp said its shareholders had approved a merger with Meridian Bancorp.
A Meridian spokesman said the transaction is valued at about $22 million. He said Meridian, based in Reading, Pa., would swap 0. 9 to 1. I share for each of the 846,220 outstanding shares of Lebanon-based Peoples.
The closing, subject to regulatory approval, is expected by the end of the year.
The Bureau of Economic Analysis' personal consumption expenditures inflation report for May showed that inflation had risen 4.1%, meeting elevated expectations and casting further doubt on the prospects of near-term interest rate cuts from the Federal Reserve.
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The nation's largest banks saw their aggregate capital levels decline the least since the stress testing regime was reformed in 2020. Even so, the Fed will keep stress capital buffers unchanged as it weighs structural changes to its annual capital test.
