Acquisitions (Notes)

3 Months Ended

Mar. 31, 2019

Business Combination Disclosure [Text Block]

Acquisitions

On April 12, 2019, Peoples completed the previously-announced merger with First Prestonsburg Bancshares Inc. ("First Prestonsburg"). First Prestonsburg merged into Peoples and First Prestonsburg's wholly-owned subsidiary, First Commonwealth Bank of Prestonsburg, Inc. ("First Commonwealth"), which operates nine full-service branches located in eastern and central Kentucky, merged into Peoples Bank. As of March 31, 2019, First Prestonsburg had, on a consolidated basis, $297.1 million in total assets, which included $137.1 million in total loans, and $252.1 million in total deposits. Consideration of $43.7 million was paid in the merger, which included 12.512 common shares of Peoples paid to shareholders of First Prestonsburg for each share of First Prestonsburg common stock they owned, which resulted in the issuance of 1,005,478 common shares of Peoples. In addition, immediately prior to the closing of the merger, First Prestonsburg paid a special cash distribution of $140.30 per share (for an aggregate amount of $11.3 million) to its shareholders.