Summit Financial Group, Inc. to Acquire Peoples Bankshares, Inc. and Its Wholly-Owned Subsidiary, First Peoples Bank, Inc.
MOOREFIELD, W.Va. and MULLENS, W.Va., July 24, 2018 (GLOBE NEWSWIRE) -- Summit Financial Group, Inc. (“Summit”) (NASDAQ:SMMF) and Peoples Bankshares, Inc. (“Peoples”) announce the signing of a definitive merger agreement between Summit and Peoples.
Pursuant to the terms of the merger agreement, Summit will acquire all of the outstanding shares of common stock of Peoples in exchange for cash in the amount of $47.00 per share or 1.7193 shares of Summit common stock, resulting in an aggregate transaction value of approximately $25.5 million. Peoples shareholders will have a right to receive cash, Summit’s common stock or a combination of cash and Summit common stock, subject to proration to result in approximately 50% cash and 50% stock consideration in the aggregate. Total merger consideration received by Peoples shareholders is subject to an adjustment if Peoples’ adjusted shareholders’ equity as of the effective date of the merger deviates from the range mutually determined by the parties. Learn more.