Capital Bancorp agrees $728.1 million Peoples merger
- Capital Bancorp (NASDAQ:CBNK) agreed to merge with Peoples Bancorp (NASDAQ:PEBO) in an all-stock transaction valued at approximately $728.1 million.
- Capital shareholders will receive 1.11 Peoples shares per Capital share, implying a value of $43.75 per share based on Peoples’ 20-day volume-weighted average closing price.
- The combined company is expected to have approximately $14 billion in assets, $10 billion in loans and $11 billion in deposits after completion.
Capital Bancorp (NASDAQ:CBNK) agreed to merge into Peoples Bancorp (NASDAQ:PEBO) in an all-stock transaction valued at approximately $728.1 million, creating a combined banking franchise with expanded commercial and specialty lending operations.
The agreement values Capital shares at an implied $43.75 per share based on Peoples’ 20-day volume-weighted average closing price of $39.41 as of September 29, 2026, with former Capital shareholders expected to own approximately 32% of Peoples after completion.
Under the agreement, Capital shareholders will receive 1.11 Peoples shares for each Capital share, and Capital Bank will subsequently merge into Peoples Bank after the transaction closes, which is expected in the first half of 2027 subject to regulatory approvals and shareholder approvals.
The merger is expected to combine Capital’s commercial banking operations and nationwide specialty businesses with Peoples’ existing banking platform, expanding the company’s lending and deposit base.
Both companies’ boards unanimously approved the agreement, and the combined franchise is expected to have approximately $14 billion in assets, $10 billion in loans and $11 billion in deposits following completion.
