Investment Banking - ASB Financial Corp.

Transactions | Banking

Client: ASB Financial Corp.
Industry: Banking
Transaction Type: Mergers & Acquisitions
Role: Financial Advisor

Peoples Bancorp Inc. and ASB Financial Corp. Announce Definitive Merger Agreement

  • Headquartered in Portsmouth, Ohio, ASB Financial Corp. (“ASB” – OTC Pink: ASBN) is the holding company of American Savings Bank, fsb. With $293.6 million in assets as of June 30, 2017, ASB, through American, operates four ofô€€€ces in the Portsmouth region including Wheelersburg and Waverly, Ohio and South Shore, Kentucky and, in the Cincinnati region, two retail branches in Montgomery and Madeira, as well as loan production offices in Milford and Dent.
  • Peoples Bancorp Inc. (“Peoples” – NASDAQ: PEBO) is a diversified financial services holding company with $3.6 billion in total assets, 76 sales offices including 67 full-service bank branches and 74 ATMs in Ohio, West Virginia and Kentucky. ASB shareholders will have the opportunity to elect to receive 0.5920 shares of Peoples common stock for each share of ASB common stock or $20.00 in cash per share with a limit of 15% of the merger consideration being paid in cash.  Based on Peoples’ 20-day volume weighted average closing price as of October 20, 2017, the aggregate deal value is approximately $39.6 million.
  • The acquisition closed during the second quarter of 2018.
  • Boenning served as financial advisor and issued a fairness opinion to ASB Financial Corp. Previously, Boenning served as the sole placement agent for ASB in a $5 million private placement of common stock that closed in December 2013 at a price of $13.00 per share.