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Peoples Bancorp announced it will acquire Capital Bancorp in an all-stock transaction valued at approximately $728.1 million. Under the merger terms, Capital shareholders will receive 1.11 Peoples common shares for each Capital share. Based on Peoples’ 20-day volume-weighted average closing price of $39.41 as of September 29, the deal values Capital at $43.75 per share. Former Capital shareholders are expected to own about 32% of the combined company.
The combined bank is expected to have approximately $14 billion in total assets, $10 billion in loans and $11 billion in deposits, with more than 150 branches across eight states and Washington, D.C. Capital had $3.9 billion in assets, $3.1 billion in gross loans and $3.4 billion in deposits as of June 30.
$PEBO $CBNK
