Peoples Bank to Invest $5 Million in Office Renovations
MARIETTA, Ohio, Dec. 11, 2012 /PRNewswire/ -- Peoples Bank, a subsidiary of Peoples Bancorp Inc. (NASDAQ: PEBO), announced today the launching of a $5 million office renovation project as part of the company's new branding initiative.
"As part of the recent roll out of our new brand, we recognized the need for us to create a more engaging and attractive environment for our clients and employees in our offices," said Chuck Sulerzyski, Peoples Bank's President and CEO. "'Working together, building success' is not only the essence of our new brand but the commitment we have made to our customers, shareholders and the communities we serve. This renovation project represents a long-term investment in our future which we believe will bring added value to those partnerships."
Under this project, each Peoples Bank office will undergo floor-to-ceiling renovations designed to bring a consistent look and feel to each office space while also incorporating Peoples Bank's new brand.
Sulerzyski added, "We recognize the importance of evaluating our delivery channels on a regular basis and refocusing our efforts to serve our clients better. Our electronic capabilities are as good or better than any other bank in our markets due to the significant investments made over the last several years. With the planned office renovations, we will enhance our branch network to the point where all of our delivery channels will be considered 'Best in Class'."
Peoples Bank has contracted with a national design/build company, which specializes in unique, retail-driven facilities for banks, to oversee renovations which are scheduled to begin in January 2013. Due to the magnitude of this project, the work has been divided into five construction phases based on geography and scope of work given. As a result, the project is expected to be completed over a period of 18 months.
The majority of the project costs will be capitalized and amortized over an average of 9 years.
"We are excited and are looking forward to enhancing our offices and customer experience with the renovations that will be occurring. At the end of this project, everything with the Peoples Bank name will have undergone a total transformation to our new brand," summarized Sulerzyski.
Peoples Bancorp Inc. is a diversified financial products and services company with $1.9 billion in assets, 46 locations and 43 ATMs in Ohio, West Virginia and Kentucky. Peoples makes available a complete line of banking, investment, insurance, and trust solutions through its subsidiaries – Peoples Bank, National Association and Peoples Insurance Agency, LLC. Peoples' common shares are traded on the NASDAQ Global Select Market® under the symbol "PEBO", and Peoples is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com.
SOURCE Peoples Bancorp Inc.