Peoples Bancorp Inc. (NASDAQ: PEBO) announced its insurance subsidiary, Peoples Insurance Agency, LLC ("Peoples Insurance"), has acquired a commercial insurance agency office and related customer accounts in the Pikeville, Kentucky area (the "Pikeville Office").
In the transaction, Peoples Insurance used cash to purchase the commercial insurance accounts serviced by the Pikeville Office and assumed some of the liabilities related to the Pikeville Office. The acquired customer accounts are expected to generate approximately $1.6 million in annual insurance commission revenue. The transaction also added four experienced insurance sales producers to Peoples' existing sales staff and six internal client facing employees.
This acquisition was completed effective Jan. 2.