What bank bought out PeoplesBank?
PeoplesBank completed a significant holding company merger with Cornerstone Bank, uniting the two institutions under a shared mutual holding company framework known as PeoplesBancorp, MHC. Rather than a traditional commercial buyout, this strategic combination was structured to preserve the independent community-focused operations of both banking entities while pooling their collective capital resources, infrastructure, and administrative strength to exceed six billion dollars in combined assets.
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