Peoples Bancorp Inc. (PEBO, PPBB), on Tuesday, announced that it has entered into a definitive merger agreement to acquire Citizens National Corp. (CZNL) in a cash and stock transaction valued at approximately $76.6 million.
The acquisition is expected to close in the second half of 2026.
Under the terms of the deal, Citizens shareholders will receive 2.10 shares of Peoples stock and $8 in cash for each share held.
The transaction values Citizens at about $78.39 per share, based on Peoples' 20-day volume-weighted average price as of April 20.
Following the merger, Citizens will be integrated into Peoples, and Citizens Bank will merge into Peoples Bank.
The company said the deal will expand its presence in Kentucky and strengthen its deposit base, while remaining below the $10 billion asset threshold.
In the pre-market trading, Peoples Bancorp is 2.39% higher at $35.57 on the Nasdaq.
On Friday, Citizens National closed trading at $53 on the OTC.
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