MARIETTA — NB&T Financial Group, the parent company of National Bank & Trust, has been acquired by Peoples Bancorp Inc., the parent company of Peoples Bank, based in Marietta, Ohio.
The two entities announced Monday the signing of a merger agreement under which Peoples will acquire NBTF through a stock and cash merger.
“We believe we found the perfect partner in Peoples. They have a proven track record of profitable growth and the ability to execute acquisitions,” said John Limbert, president and CEO of NBTF. “We are confident that this merger will serve our shareholders, customers, employees and communities well.”
Upon completion of the merger, two NBTF directors will join Peoples’ board of directors, and Limbert will be retiring.
Additionally, Peoples is hiring banking veteran Ed Reilly to lead the acquired branches as executive vice president and regional president for the market.
He brings more than 30 years of banking experience to the position, including serving as district president for Key Bank in the southwest Ohio market from 2007 to 2012. Reilly has extensive experience in the communities served by NB&T, and a demonstrated ability to lead a team offering diverse financial services, according to a media release.
“We are thrilled about the opportunity to dramatically expand our presence in Ohio by adding NB&T’s valuable southwest Ohio franchise. The southwest Ohio market is very attractive to us, and is a market that our management team knows well,” said Chuck Sulerzyski, president and CEO of Peoples. “We believe that the commonalities between our two institutions, including NB&T’s solid balance sheet and similar culture, will help create one of the strongest independent community banks headquartered in Ohio.”
Peoples expects the acquisition of NBTF to be completed late in the fourth quarter of 2014 or the first quarter of 2015. At that time, NBTF’s offices will become branches of Peoples.
Founded in 1859, NB&T operates 22 branches in southwest Ohio. As of June 30, NB&T had approximately $652 million in total assets, which included approximately $387 million in net loans, and approximately $561 million in total deposits. NB&T also had approximately $263 million in trust assets under management.