Peoples Bancorp has officially completed its acquisition of Limestone Bancorp. The company announced that all Limestone Bank branches would be converted to Peoples Bank after the close of business on August 4. Owensboro is home to two Limestone branches.
“We are delighted to complete this combination with Limestone, which bolsters our Kentucky franchise and expands our reach into additional attractive markets,” Chuck Sulerzyski, President and Chief Executive Officer of Peoples, said in a release. “We are thankful for the hard work and dedication of the employees of Limestone and Peoples in completing this transaction. We look forward to welcoming Limestone shareholders and employees to become part of the Peoples team, and we are excited to introduce our array of products, services, and additional locations to clients in the Limestone communities.”
Limestone’s Owensboro branches are located at 3500 Frederica Street and 3250 Hayden Road Suite 3. There are 18 other Limestone branches throughout Kentucky.
According to the release, as of March 31 Limestone had approximately $1.5 billion in total assets, $1.1 billion in total loans and $1.2 billion in total deposits. Under the terms of the agreement, shareholders of Limestone received 0.90 shares of Peoples common stock for each share of Limestone common stock.
Peoples Bank, headquartered in Ohio, had $7.3 billion in total assets with 130 locations as of March 31.
