Ohio-based Consumers Bancorp Inc. has completed its acquisition of Peoples Bancorp of Mt. Pleasant Inc.
On Jan. 1, Peoples Bancorp merged with Consumers Bancorp, with the latter as the surviving entity. Peoples National Bank of Mount Pleasant, a unit of Peoples Bancorp, merged with Consumers National Bank, with the latter as the surviving banking subsidiary of Consumers Bancorp.
The transaction brings Consumers Bancorp's total assets to about $625 million, based on information as of Sept. 30, 2019, according to a filing.
Under the terms of the deal, each outstanding Peoples Bancorp common share, other than certain shares excluded pursuant to the merger agreement, was converted into the right to receive $1,200 in cash or a combination of cash and Consumers Bancorp common shares. The deal has proration procedures designed to result in the total merger consideration being 50% Consumers Bancorp common shares and 50% cash.
Additionally, Consumers Bancorp's board on Jan. 1 appointed John Parkinson a Class I director of Consumers Bancorp and Consumers National Bank.
Parkinson is president and chief compliance officer of Appalachian Capital Management Ltd. He has served as a director of Peoples Bancorp and Peoples National Bank since 2005, according to the filing.