The Bank Slate


Peoples in Ohio terminates pension plan

Peoples Bancorp in Marietta, Ohio, terminated its pension plan.

The $8.9 billion-asset company said in a press release that it settled the remaining benefit obligation of $7.7 million during the third quarter.

Peoples said it doesn’t expect any more expenses tied to ending the plan, which had been closed to new entrants since January 2010.

Overall profit still rose by 23% from a year earlier, to $31.9 million.

Peoples is at least the second bank to terminate a pension plan in the third quarter.

Sandy Springs Bancorp in Olney, Md., also ended its plan, incurring an $8.2 million charge.

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