Investment Banking - Ohio Commerce Bank
Transactions | Banking
Client: Ohio Commerce Bank
Transaction Type: Mergers & Acquisitions
Role: Sell-Side Advisor
- Ohio Commerce Bank (“OCB”) was a $107 million institution headquartered in Beachwood, Ohio, focused on serving the needs of small businesses, with state of the art services and a comprehensive array of loan products, including expertise in SBA lending.
- OCB shareholders received $13.75 per share, which equated to approximately $16.5 million of consideration in aggregate. Peoples Bancorp paid 100% of the consideration in cash. The purchase price was approximately 142% of book value, 147% of tangible book value and 25.6x LTM earnings.
- Peoples Bancorp Inc. is a diversified financial services holding company headquartered in Marietta, Ohio, with $1.9 billion in total assets that offers a complete line of banking, investment, insurance and trust solutions through its subsidiaries – Peoples Bank, National Association and Peoples Insurance Agency, LLC. Peoples’ common shares are traded on the NASDAQ Global Select Market® under the symbol “PEBO.”
- The combined company has over $2 billion in assets and 50 offices located in Ohio, West Virginia and Kentucky. The transaction is expected to be accretive to Peoples Bancorp’s 2014 earnings per share.
- Boenning served as financial advisor and rendered a fairness opinion to Ohio Commerce Bank.