Peoples Bancorp (NASDAQ: PEBO ) is officially one asset larger. The financial services firm announced that, at the close of business last Friday, it completed its acquisition of Ohio Commerce Bank. The regional lender has now been fully absorbed into its parent.
The deal was first announced this past July. Peoples Bancorp paid $16.5 million in cash for Ohio Commerce, giving it an enhanced presence in the Cleveland area. As of September 30, Ohio Commerce boasted total assets of $123 million, loans of $98 million, and deposits of $111 million.
Peoples Bancorp CEO Chuck Sulerzyski notes that with the new presence "we will be introducing clients in the region to an expanded array of products and services, including wealth management, insurance and retirement planning solutions."
The company expects the deal to be accretive to its earnings starting next year.
Meanwhile, Peoples Bancorp is scheduled to unveil its Q3 earnings next Monday.