Marietta-based Peoples Bancorp Inc. and Capital Bancorp, Inc. announced an agreement under which Capital would merge into Peoples in an all-stock transaction valued at approximately $728.1 million when announced. Capital Bank, N.A. would then merge into Peoples Bank, the Ohio company’s insured-bank subsidiary.
The companies said the combined organization would have approximately $14 billion in assets, $10 billion in loans and $11 billion in deposits, based on their June 30 figures. Capital’s businesses include Washington-area commercial banking, OpenSky digital consumer credit, government-guaranteed lending and servicing, and residential mortgage banking. Those combined figures and business plans are company projections, not a completed balance sheet or confirmed integration result.
Capital shareholders would receive 1.11 Peoples shares for each Capital share and would own about 32% of the combined company if the transaction closes. Both boards approved the agreement, but the companies still need shareholder and regulatory approvals and other customary conditions. They expect a closing in the first half of 2027; the announcement does not establish that approval or completion has occurred.