Federal Reserve Board Approves Peoples Bancorp Inc. Application to Merge with Citizens National Corporation
Key Takeaways
- •The Federal Reserve Board announced on September 25, 2026, its approval of Peoples Bancorp Inc.'s application to merge with Citizens National Corporation of Paintsville, Kentucky.
- •Through the approved merger, Peoples Bancorp of Marietta, Ohio, will become the indirect owner of Citizens Bank of Kentucky, Inc.
- •The Board also approved Peoples Bank's merger with Citizens Bank of Kentucky, Inc., along with its plan to establish and operate branches at Citizens Bank's existing locations.
- •The approvals provide the prior Federal Reserve sign-off required under the Bank Holding Company Act and the Bank Merger Act before the transactions can be completed, marking the end of the Board's review.
- •The decision is documented in a written order, with recorded board votes and a separate public statement by Governor Barr accompanying the announcement.
WASHINGTON — The Federal Reserve Board on Friday, September 25, 2026, announced its approval of the application by Peoples Bancorp Inc., of Marietta, Ohio, to merge with Citizens National Corporation and, through that transaction, to indirectly acquire Citizens Bank of Kentucky, Inc., both of Paintsville, Kentucky.
In a related action, the Board also approved an application allowing Peoples Bank, of Marietta, Ohio, to merge with Citizens Bank of Kentucky, Inc., and to establish and operate branches at the locations of Citizens Bank of Kentucky, Inc.
The decision was announced in a press release published for release at 4:30 p.m. EDT on the Federal Reserve's website. In connection with the approval, the Board issued its written order (PDF); a separate statement by Governor Barr and the Board's recorded votes also accompany the action.
The companies involved
Peoples Bancorp Inc. is a bank holding company headquartered in Marietta, Ohio, whose banking subsidiary is Peoples Bank. Citizens National Corporation is headquartered in Paintsville, Kentucky, and conducts banking operations through Citizens Bank of Kentucky, Inc. Under the approved application, Peoples Bancorp is to merge with Citizens National Corporation and thereby become the indirect owner of Citizens Bank of Kentucky, Inc., while Peoples Bank is to merge with Citizens Bank of Kentucky, Inc., and operate branches at its existing locations.
Regulatory context
Mergers between bank holding companies and between banks generally require prior approval from the Federal Reserve under the Bank Holding Company Act and the Bank Merger Act. The approvals announced Friday therefore provide the prior Federal Reserve sign-off those statutes require before the proposed transactions can be completed, and they mark the conclusion of the Board's review of the two applications. In reviewing such applications, the Board weighs factors including the competitive effects of the proposed combination, the convenience and needs of the communities to be served and the financial and managerial resources of the institutions involved. Combinations of this kind remain a recurring feature of the U.S. banking industry, with regional and community banking organizations periodically pursuing them through the same application process. Board decisions are documented in written orders, and governors may issue separate statements when actions are announced. The written order accompanying this approval documents the Board's decision, the recorded votes show how individual governors voted, and Governor Barr's statement provides an individual governor's public comment on the action.
For media inquiries, the Board directed reporters to its press office at (202) 452-2955.
