PEBO - Peoples Bancorp unit to acquire Vantage Financial for $54M

Peoples Bancorp (NASDAQ:PEBO) said its unit Peoples Bank (OTCPK:PBVA) will acquire Vantage Financial, a Minnesota-based equipment financing provider, for $54M. Peoples Bank will also repay ~$21M in recourse debt on behalf of Vantage. As a result of funding synergies, the deal is expected to be 3% accretive to Peoples' EPS in 2022 and over 6% accretive to 2023 EPS. The transaction will result in ~8% tangible book value dilution with a projected earn-back of less than 4 years. On completion of the transaction, Vantage will become a subsidiary of Peoples Bank. A substantial majority of Vantage's current leadership and associates are expected to continue in their positions, led by its co-founder and CEO William Foudray. Vantage co-founder and chairman Bob Murphy plans to retire in Mar. and will not be remaining with the company. As a subsidiary, Vantage will continue to operate under the name Vantage Financial. The closing of the

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Peoples Bancorp unit to acquire Vantage Financial for $54M