CELINA — Mercer Savings Bank (MSB) and The Peoples Bank Co. (PBC) jointly announced today the two banks have entered into a purchase and assumption agreement to transfer accounts, real estate and other assets from MSB’s branches in St. Marys and Coldwater to PBC. Under the terms of the agreement, The Peoples Bank Co. will assume most of the deposits and purchase the real estate and certain assets of the St. Marys and Coldwater offices. Mercer Savings Bank will retain all loans from both offices.
The Peoples Bank Co. plans to relocate the acquired St. Marys accounts to its existing office located at 1510 Kishler Drive, St. Marys. Also, PBC plans to relocate the acquired Coldwater accounts to one of its two existing offices located at 112-114 W. Main St. or 405 W. North St., Coldwater.
“We have enjoyed great relationships with our customers in both markets — however, over time, our customers’ needs have changed with increased use of online banking and bill payment and ATM use,” President/CEO of Mercer Savings Bank Bill Martin said in a news release. “The transaction will allow us to redirect our full focus to our offices in Celina, Fort Recovery and Greenville and our online services.”
The transactions are subject to receipt of regulatory approvals, and are expected to be completed in late 2012 or early 2013.
“We are excited to welcome these new customers into the PBC family and we are pleased to expand our customer base in both St. Marys and Coldwater,” President/CEO of The Peoples Bank Co. Jack Hartings said in a news release. “The Peoples Bank Co. provides both clicks and mortar with state of the art Internet banking, and an extensive network of offices and ATM’s located throughout the area.”