Peoples Bancorp, the parent company of Peoples Bank, completed its acquisition of Limestone Bancorp and Limestone’s wholly-owned subsidiary, Limestone Bank, effective at the close of business on April 30. Peoples and Limestone first announced that they had entered into an agreement to merge on Oct. 25, 2022. Under the terms of the agreement, shareholders of Limestone received 0.9 shares of Peoples’ common stock for each share of Limestone common stock they own.
“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 CEO of Peoples, said. “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.”
The completed acquisition included the merger of Limestone Bank into Peoples Bank. As a result, Limestone’s 20 branches throughout Kentucky will operate initially as a division of Peoples Bank. Peoples Bank will convert the Limestone branches to Peoples Bank branches after the close of business on Aug. 4.
Peoples was advised by Raymond James & Associates and the law firm of Dinsmore & Shohl. Limestone was advised by Piper Sandler and the law firm of Wyatt, Tarrant & Combs.
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