September 25, 2026

Federal Reserve Board Announces Approval of Application by Peoples Bancorp Inc.

WASHINGTON — In a regulatory decision announced late Friday afternoon, the Federal Reserve Board formally greenlit a major regional banking combination, granting approval for Peoples Bancorp Inc., headquartered in Marietta, Ohio, to proceed with its proposed acquisition of Citizens National Corporation based in Paintsville, Kentucky.

The transaction, which cleared the federal regulatory hurdles at 4:30 p.m. EDT, involves a multi-layered corporate restructuring and merger process designed to integrate the operations of the two established regional financial institutions. Under the terms of the approved applications, Peoples Bancorp Inc. will merge with Citizens National Corporation, a move that will result in the indirect acquisition of Citizens Bank of Kentucky, Inc., which also maintains its headquarters in Paintsville.

Concurrently, the Federal Reserve Board granted regulatory approval for Peoples Bank—the wholly owned banking subsidiary of Peoples Bancorp Inc. operating out of Marietta, Ohio—to execute a direct merger with Citizens Bank of Kentucky, Inc. As part of this operational integration, Peoples Bank has been authorized to establish and operate new banking branches at all existing physical locations previously operated by Citizens Bank of Kentucky, Inc. across its service footprint.

The regulatory approval marks a significant milestone in the ongoing consolidation trends within the regional banking sector, particularly across the Ohio and Kentucky financial markets. Mergers of this scale require rigorous review by federal regulators to ensure that the resulting institution continues to meet statutory standards concerning safety and soundness, competitive market impacts, and the convenience and needs of the communities served by the respective banking entities.

Peoples Bancorp Inc. has long operated as a prominent financial services holding company in Ohio, offering a comprehensive suite of banking, trust, and investment services through Peoples Bank. By securing the regulatory approval to absorb Citizens National Corporation and its subsidiary bank, the Marietta-based corporation expands its geographic footprint deeper into Kentucky, bringing its established commercial and retail banking infrastructure to the communities historically served by Citizens Bank of Kentucky.

Similarly, Citizens National Corporation and its banking arm have served Paintsville and surrounding areas in Kentucky, building long-standing customer relationships and local economic ties. The combination of Peoples Bank and Citizens Bank of Kentucky under a single operating charter is expected to streamline back-office operations, regulatory compliance, and technological infrastructure for the combined enterprise, while preserving branch access for existing retail and commercial account holders in the region.

The Federal Reserve Board’s review process involves extensive public notice periods, financial assessments, and evaluations under the Bank Holding Company Act and the Bank Merger Act. These statutes require the Board to weigh potential anticompetitive effects against the public benefits of the transaction, alongside evaluations of the financial and managerial resources and future prospects of the companies and banks concerned, as well as the convenience and needs of the communities to be served. With Friday’s announcement, the regulatory prerequisites for the merger have been satisfied, clearing the path for corporate leadership to finalize the operational integration of the two institutions.

Media organizations, analysts, and interested parties seeking further information regarding the regulatory decision can direct their inquiries to the Federal Reserve Board’s media relations office via email at [email protected] or by telephone at (202) 452-2955.

Last Update: September 25, 2026