National Bank Holdings Corporation (NYSE:NBHC) entered into a definitive agreement to acquire Peoples Inc. for approximately $140 million on June 23, 2017. Under the terms of the agreement, Peoples shareholders will receive approximately $36.3 million of cash consideration and approximately 3.4 million shares of NBHC common stock, subject to certain potential adjustments. In addition, as part of the agreement, Peoples Bank will get a new name and customers will be able to access more bank locations in other states. Also, Peoples will divest or wind down its national mortgage business, operated out of its Kansas-based Peoples Bank by the end of 2017. For the year ended December 31, 2016, Peoples Inc. reported revenue of $34.4 million, total assets of $893.4 million, common equity of $165.1 million and net income of $19.8 million. The transaction is subject to normal regulatory approvals, other customary closing conditions and receipt of an opinion from the Company’s tax counsel that the Merger qualifies as reorganization under the U.S. tax code and certain tax certifications. The transaction has been unanimously approved by the Board of Directors of each National Bank Holdings Corporation and Peoples. The required approval of Peoples’ shareholders has been obtained. As of November 28, 2017, regulatory approvals from the Board of Governors of the Federal Reserve System and the State of Colorado Division of Banking have been obtained. The transaction is expected to close in the fourth quarter of 2017. As of September 25, 2017, the transaction is expected to close around the end of November, 2017. As of November 28, 2017, the transaction is expected to close in early January 2018. NBH expects the transaction to result in a high-teens accretion to earnings per share in the first full year of operations, less than a 5% dilution to tangible book value with an earn back period of less than 3 years, and an internal rate of return of approximately 20%. Keefe, Bruyette, & Woods, Inc. acted as a financial advisor and David E. Shapiro and Mark F. Veblen of Wachtell, Lipton, Rosen & Katz LLP acted as a legal advisor to National Bank Holdings Corporation, The Capital Corporation acted as a financial advisor and Thomas Stahl of Lathrop & Gage LLP acted as a legal advisor to Peoples. National Bank Holdings Corporation (NYSE:NBHC) completed the acquisition of Peoples Inc. on January 1, 2018. As on closing, shareholders received approximately $36.2 million of cash consideration, $10 million of which was placed into escrow and 3.4 million shares of NBH common stock. Brendan Zahl, former President and Chief Executive Officer of Peoples National Bank has been appointed to the NBHC Board of Directors and joins NBHC as Executive Vice President, Residential Banking and Market President for the Colorado Springs area. Ruth Stevenson, former President and Chief Operating Officer for Peoples Bank, has joined NBHC as Executive Vice President. Stevenson will also serve as market President for the NBHC’s newly-acquired Kansas locations.