Peoples Bancorp in Marietta, Ohio, has agreed to buy NB&T Financial Group in Wilmington, Ohio.

The $2.2 billion-asset Peoples will pay $109 million, or $31 a share, in cash and stock for the $652 million-asset NB&T. The deal is expected to close by the first quarter of next year.

NB&T has 22 branches in southwest Ohio, along with $387 million in loans, $561 million in deposits and $263 million in trust assets under management. John Limbert, NB&T's president and chief executive, will retire when the deal closes.

"We are thrilled about the opportunity to dramatically expand our presence in Ohio by adding NB&T's valuable southwest Ohio franchise," Chuck Sulerzyski, Peoples' president and chief executive, said in a press release Monday. Southwest Ohio "is very attractive to us and is a market that our management team knows well. We believe that the commonalities between our two institutions... will help create one of the strongest independent community banks headquartered in Ohio."

John Limbert, NB&T's president and chief executive, will retire when the deal closes. Peoples, however, said it had hired Ed Reilly, a former district president for KeyCorp, to serve as regional president for the market served by NB&T.

Peoples was advised by Raymond James and Dinsmore & Shohl. NBTF was advised by Keefe, Bruyette & Woods and Vorys, Sater, Seymour and Pease.

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