PR Newswire·Apr 21, 2026, 6:10 AM ET

PEOPLES BANCORP INC. AND CITIZENS NATIONAL CORPORATION ANNOUNCE DEFINITIVE MERGER AGREEMENT

Peoples Bancorp Inc. (NASDAQ: PEBO) and Citizens National Corporation (OTCPK: CZNL) signed a definitive merger agreement for Peoples to acquire Citizens in a transaction valued at approximately $76.6 million.
Under the agreement, Citizens will merge into Peoples, followed by Citizens Bank of Kentucky merging into Peoples Bank.
Citizens operates 12 branches in Eastern Kentucky with 132 employees, holding $686 million in total assets, $342 million in gross loans, and $586 million in total deposits as of March 31, 2026.
Citizens shareholders will receive 2.10 shares of Peoples common stock plus $8.00 in cash for each share of Citizens stock held.
The deal value translates to approximately $78.39 per share based on Peoples' 20-day volume-weighted average price of $33.52 on April 20, 2026.
The transaction is expected to qualify as a tax-free reorganization, be immediately accretive to earnings, achieve a tangible book value earnback in under one year, and deliver an internal rate of return exceeding 20%.
Closing is anticipated during the second half of 2026, subject to regulatory approvals and shareholder consent.
Peoples Bancorp Inc. is headquartered in Marietta, Ohio, with $9.6 billion in total assets as of March 31, 2026, while Citizens is headquartered in Paintsville, Kentucky.