Peoples to acquire Limestone in $208M deal

Peoples Bancorp is to buy Kentucky-based Limestone Bancorp in a deal worth more than $208 million, the companies announced this week.

The acquisition of Limestone Bancorp and its subsidiary, Limestone Bank, will add 20 branches across Kentucky to Peoples’ network — which already includes 25 Kentucky locations — along with $1.1 billion in total loans and $1.2 billion in deposits.

Following the merger, which is subject to regulatory and shareholder approval, the combined company will have approximately $8.5 billion in total assets, deposits worth $7.1 billion, and a loan book worth $5.7 billion.

John Taylor, president and CEO of Limestone, said: “Our shareholders, customers and employees will benefit from Peoples’ track record of profitable growth and successfully executing acquisitions, and the opportunities this merger of our banks offers.”

He added that Peoples’ product range would “provide us the ability to deliver new products and services, including insurance and investment products, to our valued customers in the communities we serve”.

The deal is scheduled to be completed in the second quarter of 2023.

Peoples Bank has made a number of acquisitions in the past two years. It previously purchased Premier Financial Bancorp in September 2021 in a deal worth $292 million, adding 49 branches throughout Kentucky, Maryland, Ohio, Virginia, West Virginia, and Washington DC.

The company’s insurance business bought Elite Agency in April this year and Justice & Stamper Insurance Agency in May 2021, while Peoples Bank acquired equipment financing specialist Vantage Financial in March 2022 and North Star Leasing Company in April 2021.