Peoples Bank Buckhannon WV Merger
Despite its small size, Peoples Bank is one of the state’s largest banks. The company operates more than 200 branches across the state, many of them in the form of microbanks, and a loan production office in Beckley. It is currently in the throes of a massive merger and acquisition exercise with the premier bank. The deal, which has its own aforementioned melancholy, is said to be worth a tidy $600 million in cash and stock. The merger is the first of its kind in the state, and it is expected to be a smash hit for all involved.
The biggest question mark of the merger is how the two companies will merge, and what will become of the existing employees. In the short term, the two companies will maintain a close working relationship. This is a logical move, considering the former’s recent growth and the latter’s desire to remain on the leading edge of technological advancement. The acquisition will also help ensure that the state’s venerable banks can stay abreast of the competition.
While the aforementioned transaction is not yet finalized, the name-brand banks are expected to complete the transaction as scheduled in late March. The big win is that the newly-minted customers will soon be able to benefit from the merger’s hefty financial and human resources budgets. The merger is expected to create a powerful financial services conglomerate.