PEOPLES BANCORP INC [PEBO] - Peoples Bancorp / Capital merger
Peoples Bancorp Inc will acquire Capital Bank in a merger where each share of Capital Common Stock will be exchanged for 1.11 shares of Peoples Common Stock, with the merger expected to qualify as a reorganization under Section 368(a) of the Internal Revenue Code.
Why this matters
Peoples Bancorp Inc, an Ohio-based state commercial bank, has announced a merger agreement to acquire Capital Bank. In this transaction, each share of Capital Common Stock will be exchanged for 1.11 shares of Peoples Common Stock. The merger is structured to qualify as a reorganization under Section 368(a) of the Internal Revenue Code, indicating potential tax efficiencies. The agreement includes provisions for regulatory approvals and shareholder consent, with Peoples committing to appoint three directors from Capital to its board post-merger.