Click Cover to Read Digital Edition

AVAILABLE IN THE APP STORE
iPAD APP
iPHONE APP

UPCOMING EVENTS

 
EMERGE: The Forum on Consumer Financial Services Innovation
June 2-4
Hyatt Regency Century Plaza
Los Angeles
 
Digital Banking Summit
June 2-4
Hyatt Regency Century Plaza
Los Angeles
 
2014 RDC Summit
Sept. 30 - Oct. 2
Las Vegas
 
ATM, Debit & Prepaid Forum
October 19-22
JW Marriott Desert Ridge
Phoenix
 
Money2020
November 2-6
Aria
Las Vegas
More events >  

Share |

Print Friendly and PDF

Peoples Bancorp Acquires Pikeville, Ky., Insurance Office

 

Jan 3 - Peoples Bancorp Inc. (NASDAQ: PEBO) has announced its insurance subsidiary, Peoples Insurance Agency LLC, has acquired a commercial insurance agency office and related customer accounts in the Pikeville, Ky., area.

"We are pleased with this opportunity to expand our presence and capabilities in eastern Kentucky," said Chuck Sulerzyski, Peoples Bancorp's president and CEO. "With this acquisition, we have added strong, professional sales expertise to our agency which complements our existing insurance operations in northeastern Kentucky. Further, we will seek to cross-sell our banking and investment products to the newly acquired insurance customers and prospective customers in the region."

In the transaction, Peoples Insurance used cash to purchase the commercial insurance accounts serviced by the Pikeville Office and assumed some of the liabilities related to the Pikeville Office. The acquired customer accounts are expected to generate approximately $1.6 million in annual insurance commission revenue. The transaction also added four experienced insurance sales producers to Peoples' existing sales staff and six internal client facing employees.

This acquisition was completed effective Jan. 2, 2013. The overall impact of this transaction is not expected to have a material impact on Peoples Bancorp's results of operations or financial condition. 

Peoples Bancorp Inc. is a diversified financial services holding company with $1.9 billion in total assets, 47 locations and 43 ATMs in Ohio, West Virginia and Kentucky. Peoples makes available a complete line of banking, investment, insurance and trust solutions through its subsidiaries - Peoples Bank, National Association and Peoples Insurance Agency, LLC. Peoples' common shares are traded on the NASDAQ Global Select Market under the symbol "PEBO," and Peoples is a member of the Russell 3000 index of US publicly-traded companies. Learn more about Peoples at www.peoplesbancorp.com



Back