Peoples Bancorp to expand Kentucky footprint via $76.6M acquisition of Citizens National

Peoples Bancorp (NASDAQ:PEBO), the parent company of Peoples Bank, announced today that it has entered into a definitive merger agreement to acquire Citizens National in a transaction valued at approximately $76.6 million.

The strategic acquisition is designed to strengthen Peoples' market share in Kentucky while maintaining its status as a community-focused institution below the $10 billion asset threshold.

Under the terms of the agreement, Citizens shareholders will receive 2.10 shares of Peoples common stock and $8 in cash for each share of Citizens held.

Based on Peoples' recent 20-day volume-weighted average price, the deal values Citizens at approximately $78.39 per share.

The transaction, which has been approved by the boards of both companies, is expected to close in the second half of 2026, pending regulatory and shareholder approvals.

Paintsville, Kentucky-based Citizens National operates 12 branches primarily in Eastern Kentucky through its subsidiary, Citizens Bank of Kentucky.

As of March 31, 2026, the bank managed $686 million in total assets, including $586 million in deposits and $342 million in gross loans.