Peoples (PEBO) to buy Capital (CBNK) in $728.1M all-stock deal, creating ~$14B-asset bank

PEOPLES BANCORP INC

Peoples Bancorp (PEBO) agreed to acquire Capital Bancorp (CBNK) in an all-stock deal valued at about $728.1M, or $43.75 per Capital share.
Exchange ratio is 1.11 Peoples shares per Capital share; based on PEBO 20-day VWAP of $39.41 as of Sept 29, 2026.
Combined company expected to have ~$14B assets, $10B loans, $11B deposits, 150+ branches in eight states and Washington, D.C.; Capital had $3.9B assets and $3.4B deposits as of June 30, 2026.
Deal expected to be immediately accretive to 2027 EPS before one-time costs, with tangible book value earnback under three years and pro forma return on average tangible common equity of ~20%.
Capital would owe Peoples a $30.66M termination fee under specified circumstances; three Capital directors are expected to join Peoples' board after closing.

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