Scioto County Candor
American Savings bank customers can expect to see banking changes in April, as a result of a merger that has been underway for several months.
Peoples Bank Inc., the parent company of Peoples Bank, and ASB Financial Corp, the parent company of American Savings Bank, have signed a definitive merger agreement. Both companies jointly announced the signing of the merger agreement back on October 24, 2017.
Under the agreement reached between American Savings Bank and People’s Bank, both companies will merge into each other. The transaction in total is valued at approximately $39.6 million. This acquisition is expected to close during the second quarter of 2018 and is subject to approvals, such as ASB shareholder approval and regulatory approval.
American Savings Bank was founded in 1892 and based in Portsmouth. American Savings Bank has office branches in Portsmouth, Waverly, Wheelersburg and South Shore, Ky. In addition, American Savings Bank also has two retail branches in Cincinnati. On June 30, 2017, American Savings Bank had a total assets value of $293.6 million.
Peoples Bancorp Inc. is a diversified financial services holding company founded in 1902, with a total assets value of $3.6 billion. Peoples has 76 sales offices, including 67 full-service bank branches and 74 ATMs throughout Ohio, West Virginia and Kentucky.
Current American Savings Bank customers will have their accounts automatically transitioned to Peoples Bank accounts on April 14, 2018. This transition allows current customers use of financial services and products provided by Peoples,
which includes trust, brokerage and insurance products.
As of right now, it is unclear how current employees are going to be affected by this acquisition. Jack Stevenson, of American Savings Bank commented that staffing changes, if any, will be a decision made by the Peoples marketing team. While currently no definite answer can be given, the effects on staffing will be updated with new information once received.
According to the current agreement, American Savings Bank shareholders will have the opportunity to elect to receive 0.5920 shares of Peoples common stock for each share of American Savings Bank common stock, or $20.00 per each share of American Savings Bank with a limit of 15% of the merger consideration being paid in cash.