Investment Banking - North Akron Savings Bank

Transactions | Banking

Client: North Akron Savings Bank
Industry: Banking
Transaction Type: Mergers & Acquisitions
Role: Sell-Side Advisor

  • North Akron Savings Bank is a four-branch savings bank headquartered in Akron, Ohio, that was founded in 1921. The Bank currently operates full service banking centers in Akron, Cuyahoga Falls, Munroe Falls and Norton, Ohio.
  • At December 31, 2013, North Akron had assets of $147.8 million, loans of $119.2 million, deposits of $110.9 million, shareholders’ equity of $13.9 million, return on equity of 2.58%, net interest margin of 3.16% and a nonperforming assets to assets ratio of 1.22%.
  • Peoples Bancorp Inc. (NASDAQ: PEBO) is a diversified financial services holding company headquartered in Marietta, Ohio, with $2.1 billion in total assets, 49 sales offices and 47 ATMs in Ohio, West Virginia and Kentucky.
  • Each North Akron share will be exchanged for consideration of $7,655 in cash or shares of PEBO common stock. The ultimate stock exchange ratio will be set based upon PEBO’s average stock price immediately prior to closing.  PEBO will pay 80% of the merger consideration in  stock and 20% in cash.
  • The total merger consideration is approximately $20.1 million.
  • The purchase price is approximately 145% of tangible book value and 56.9x LTM core earnings.
  • Boenning is serving as financial advisor and issued a fairness opinion to North Akron Savings Bank.