Peoples Bancorp has completed its acquisition of Citizens National Corporation and its subsidiary, Citizens Bank of Kentucky, effective at the close of business on October 30. The deal expands Peoples’ banking presence in Kentucky, including Eastern Kentucky, and brings Citizens’ branches, customers and employees into Peoples Bank.
Citizens shareholders received a mix of Peoples stock and cash. Its 12 branches will initially continue operating as a division of Peoples Bank, with conversion to Peoples Bank branches scheduled for April 19, 2027.
Key details
- Deal consideration: Each Citizens common share was exchanged for 2.10 shares of Peoples common stock plus $8 in cash.
- Citizens’ scale: At September 30, 2026, Citizens had about $646 million in assets, $344 million in loans and $551 million in deposits.
- Branch transition: Citizens Bank has merged into Peoples Bank. Its 12 branches will operate as a Peoples Bank division until they are converted to Peoples Bank branches after business closes on April 19, 2027.
- Peoples’ existing footprint: Peoples reported $9.7 billion in assets and 144 locations, including 127 full-service branches, as of September 30, 2026.
The acquisition adds to Peoples’ Kentucky presence and brings Citizens’ shareholders into Peoples’ ownership through the stock portion of the transaction. The branch conversion will follow several months after the acquisition’s completion.