PAINTSVILLE, Ky. (WMDJ) — A major change is coming to Eastern Kentucky banking, as Peoples Bancorp Inc. has announced plans to acquire Citizens National Corporation, the parent company of Citizens Bank of Kentucky.
The agreement, announced Tuesday, is valued at approximately $76.6 million and includes both cash and stock. Under the deal, Citizens will merge into Peoples, with Citizens Bank becoming part of Peoples Bank.
Citizens, headquartered in Paintsville, operates 12 branches across Eastern Kentucky, including locations in Floyd, Johnson, Pike and surrounding counties. As of March 31, the company reported about $686 million in total assets.
The bank traces its roots back to 1909, when it was founded as Paintsville Bank & Trust. It later became Citizens National Bank before adopting the name Citizens Bank of Kentucky in 2016, reflecting its statewide focus.
Peoples Bancorp, based in Marietta, Ohio, says the acquisition will expand its footprint in Kentucky and allow it to offer additional services to customers in the region.
The transaction has been approved by both companies’ boards. It is expected to close in the second half of 2026, pending regulatory approval and approval from Citizens shareholders.
