NEW LEXINGTON and PATASKALA, Ohio — Peoples National Bancshares, Inc. (“Peoples”), the holding company for Peoples State Bank, and The Pataskala Banking Company (“Pataskala”) announced May 9 that they have signed a definitive merger agreement which provides for the merger of Pataskala with and into Peoples.
Established in 1888, Pataskala operates two full-service branch offices in Pataskala, Ohio, and Etna, Ohio, and had approximately $39.9 million in assets, $23.1 million in loans, and $37.5 million of deposits as of March 31, 2024. Following the completion of the merger, Pataskala will continue to operate in its markets as The Pataskala Banking Company, a division of Peoples State Bank.
Peoples State Bank was founded in 1932 and is headquartered in New Lexington, Ohio with five full-service branch locations across Perry and Muskingum Counties and one loan production office located in South Zanesville. As an independently owned community bank, it is Peoples’ belief that being a true community bank means more than just having a local address. Peoples is committed to serving its local communities every day by providing exceptional service and taking a special interest in its customers. In other words, “Keeping Community First.”
The acquisition of Pataskala is intended to build on Peoples’ existing presence in Southeastern and Central Ohio, furthering its expansion into the Columbus metro area. Following the completion of the transaction, Peoples would have consolidated assets of approximately $260 million with seven banking offices across Southeastern and Central Ohio.
Tony Davis, President and CEO of Peoples, commented, “We are excited about the opportunity to bring our two community-focused organizations together. Pataskala, its Board of Directors, and its staff have a great reputation in their local markets, and we look forward to onboarding our new team members and continuing to serve the surrounding communities.” Mr. Davis continued, “We share the same goals and culture that the board and executive management team have established at Pataskala. Integrating our two institutions will provide more benefits, financial products, and opportunities for Pataskala customers and employees. We are also excited that this combination will boost our presence in the growing and attractive Columbus MSA. Along with the slated completion of our new state-of-the-art headquarters and operations building in New Lexington in May, we believe that this acquisition will be a meaningful part of the next chapter in the Peoples story and help us continue our growth trajectory.”
Brian Moore, President and CEO of Pataskala, stated, “We are very pleased to join forces with Peoples and continue our rich history of community banking. We have long admired the community-focused approach that Peoples brings to banking and we believe that our organizations will be very compatible. Through this partnership, we will have the opportunity to expand our products and services to better serve our customers. Our employees will also be in great hands and have a greater opportunity to continue to grow and thrive as part of a larger community bank.”
As noted, following the completion of the transaction, Peoples will operate The Pataskala Banking Company brand name as a division of Peoples State Bank and all of Pataskala’s existing employees will be offered employment with Peoples. In addition, the merger agreement also provides that the Peoples Board of Directors intends to appoint one mutually agreeable board member to the boards of Peoples and Peoples State Bank.
The merger agreement has been unanimously approved by both Peoples’ Board of Directors and Pataskala’s Board of Directors. The transaction, which is subject to approval by Pataskala’s shareholders and regulatory authorities and to other customary conditions set forth in the definitive merger agreement, is anticipated to close in the fourth quarter of 2024.
Peoples is being advised by Janney Montgomery Scott LLC and Vorys, Sater, Seymour and Pease LLP. Pataskala is being advised by M.K. Jeffers & Company Ltd and Shumaker, Loop & Kendrick, LLP.
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