PEOPLES BANCORP INC
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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ITEM 2. Properties
Peoples’ sole banking subsidiary, Peoples Bank, generally owns its offices, related facilities and unimproved real property. At December 31, 2024, Peoples Bank operated 67 offices in Ohio, 43 offices in Kentucky, 29 offices in West Virginia, three offices in Virginia, two offices in Washington D.C., one office in Maryland, an insurance premium finance lending office in Missouri, an equipment leasing office in Vermont, and a leasing office in Minnesota. Of these 148 offices, 67 are leased and the rest are owned by Peoples Bank.
Peoples Bank’s subsidiary, Peoples Insurance, rents office space in various Peoples Bank offices, and also leases office space from third parties in Inez and Pikeville, Kentucky. Peoples Bank’s subsidiary, Vantage, rents office space in Excelsior, Minnesota, Cherry Hill, New Jersey, Holmdel, New Jersey, Austin, Texas, Grafton, Wisconsin, and Guilford, Connecticut.
Rent expense on the leased properties totaled $4.1 million in 2024 and $3.3 million in 2023, which excludes intercompany rent expense. The following properties have a lease term expiring on or before June 2025:
| Location | Address | Lease Expiration Date |
|---|---|---|
| Cherry Hill | 4 Haddonfield Road, Suite 217 Cherry Hill, NJ | February 2025 (b) |
| Guilford (Vantage) | The Monroe Building, 87 Whitfield Street, Office 5 Guilford, CT | March 2025 (e) |
| Dupont Cir. -17th St. Wash. DC | 1604 17th St NW Washington, DC | March 2025 (a) |
| Worthington | 250 E Wilson Bridge Rd, Ste. 230 Worthington, OH | March 2025 (a) |
| Caldwell ATM | 17010 St Rt 78 Caldwell, OH | June 2025 (c) |
| Akron Business Office Parking | 354 S Main Street Akron, OH | June 2025 (a) |
| Akron Business Office | 348 S Main St Akron, OH | June 2025 (a) |
| GWB Oil & Gas - Storage Bldg | 2013-B State Route 821 Marietta, OH | June 2025 (c) |
| North Canton-LPO | 125 S. Main Street North Canton, OH | June 2025 (d) |
| Waynesville Parking Easement | 826 Franklin Rd Waynesville, OH | June 2025 (c) |
(a) Current lease agreement has no remaining extensions available.
(b) Current lease agreement will switch to a month to month lease at expiration.
(c) Current lease agreement will auto-renew for 1 year periods until terminated by one of the parties.
(d) Current lease agreement has one one-year extension remaining.
(e) Current lease agreement has one two-year extension remaining.
Peoples considers its offices and related facilities to be suitable and adequate for the present needs of Peoples and its subsidiaries. Peoples evaluates on a continuing basis the suitability and adequacy of its offices and related facilities, and has opened, relocated, remodeled or closed them as appropriate to maintain efficient and attractive premises.
Additional information concerning the property and equipment owned or leased by Peoples and its subsidiaries is incorporated herein by reference from “Note 5 Bank Premises and Equipment.”
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