Brief: Peoples Bank To Acquire Vantage Financial, LLC

Peoples Bancorp

16/02/2022 21:26

Feb 16 (Reuters) - Peoples Bancorp Inc  PEBO.O :
    * PEOPLES BANK TO ACQUIRE VANTAGE FINANCIAL, LLC
    * UNDER TERMS OF AGREEMENT, CO WILL PURCHASE 100% OF EQUITY
OF
VANTAGE FOR TOTAL CASH CONSIDERATION OF $54 MILLION
    * PEOPLES BANK WILL ALSO REPAY APPROXIMATELY $21 MILLION IN
RECOURSE DEBT ON BEHALF OF VANTAGE
    * VANTAGE CO-FOUNDER AND CHAIRMAN, BOB MURPHY, PLANS TO
RETIRE IN
MARCH 2022 AND WILL NOT BE REMAINING WITH COMPANY
    * UPON COMPLETION, VANTAGE WILL BECOME A SUBSIDIARY OF CO
    * AS A RESULT OF FUNDING SYNERGIES, TRANSACTION IS EXPECTED
TO BE
3% ACCRETIVE TO PEOPLES' EARNINGS PER SHARE IN 2022

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