Consumers and Peoples announce bank merger
MINERVA — Shareholders with Peoples Bancorp of Mount Pleasant approved the planned merger with Consumers Bancorp during a special meeting Tuesday.
All required regulatory approvals for completion of the merger have been obtained, according to bank officials. The merger is expected to be completed on or about Jan. 1.
Following completion of the merger, the two banking companies will create a bank with approximately $637 million in total assets providing banking services through 18 locations throughout Carroll, Columbiana, Jefferson, Stark, Summit and Wayne counties. The transaction will strengthen Consumers’ presence in Jefferson County.
“This combination is a great opportunity to expand and complement our market presence in the tri-county area of Jefferson, Harrison and Belmont. During the past 116 years, Peoples National Bank has built a reputation for providing outstanding customer service to these communities. We acknowledge that history as we look forward to continuing that tradition and to providing its customers with an expanded array of consumer and commercial loan, deposit, and wealth management products and services,” explained Ralph J. Lober, Consumers president and CEO.
“Jefferson, Harrison and Belmont Counties, as well as the adjacent areas, are entering into a time of exciting growth and economic opportunity. The merger of Consumers and Peoples National is graphic evidence of that,” said Robert C. Hargrave, Peoples National Bank’s chairman and CEO. “I believe our merger with Consumers will continue the personalized service our customers have grown to expect while providing a wider range of banking services and products. The growth in our community will be greatly assisted by the larger lending limits of Consumers.”
Consumers is a bank holding company with assets of approximately $565 million. It operates 15 full-service locations and one loan production office in Carroll, Columbiana, Jefferson, Stark, Summit and Wayne counties.
Peoples is a bank holding company with approximately $72 million in assets. Its subsidiary, the Peoples National Bank of Mount Pleasant, was founded in 1903 and operates branches in Mount Pleasant, Dillonvale and Adena.