Peoples Bancorp, Marietta, Ohio, has signed a deal to acquire First Prestonsburg Bancshares, and its subsidiary First Commonwealth Bank of Prestonsburg, Ky., for $45.4 million.
Founded in 1904, First Commonwealth operates eight full service branches in and around the Prestonsburg and Pikeville markets in eastern Kentucky, and is scheduled to open a ninth full service branch in Georgetown, Kentucky by the end of this year. As of September 30, 2018, First Prestonsburg had, on a consolidated basis, approximately $310 million in total assets, which included approximately $139 million in total loans, and approximately $244 million in total deposits.
“We are excited to expand our presence in eastern Kentucky through the acquisition of First Prestonsburg, a high quality institution with an extremely strong core deposit base,” said Chuck Sulerzyski, President and CEO of Peoples. “We believe it will complement our insurance operation in Pikeville and provide us with an opportunity to leverage existing client relationships.”
First Commonwealth President Greg Wilson will join Peoples as Kentucky market president after the deal closes, expected in the second quarter of 2019.
Peoples was advised by Raymond James & Associates, Inc. and the law firm of Dinsmore & Shohl LLP. First Prestonsburg was advised by ProBank Austin and the law firm of Stoll Keenon Ogden PLLC.