Eighty percent of the consideration was paid in the Company’s common stock and the remainder was paid in cash. The Company and North Akron had first announced that they had entered into an agreement to merge in April of this year.
As a result of the merger, North Akron’s four full-service banking locations located in Akron, Cuyahoga Falls, Munroe Falls and Norton, Ohio will operate as branches of Peoples Bank.
"We are very pleased to complete this transaction, which expands our presence in northeastern Ohio and allows us to leverage our existing relationships in the region," said Chuck Sulerzyski, President and Chief Executive Officer of Peoples. "We are appreciative of the dedication and hard work of the employees of North Akron and Peoples in completing this transaction. In the months ahead, we will begin introducing clients in the region to our expanded array of products and services, including commercial banking, insurance, wealth management, and retirement planning solutions. We believe customers will appreciate our personalized brand of banking, broader choice of financial products and services, and state of the art technology."
At September 30, 2014, North Akron had $145.8 million in total assets, $114.0 million in total loans and $108.5 million in total deposits.
Dinsmore & Shohl LLP served as the Company’s legal counsel. North Akron was advised by Brouse McDowell.
