As we celebrate the 100th anniversary of Peoples Bank, we look back at the bank’s history, its founders and its growth in our community. See the full list of stories here. Be sure to pick up a copy of our cookbook “Centennial Commemorative: Recipes & Remembrances” at your local branch office.
In 1999, Peoples Bank saw the need to convert to a holding company form of ownership. Essentially, bank shareholders were transformed into shareholders of Peoples Bancorp; the corporation then became the owner of Peoples Bank. This change allowed the formation of operating subsidiaries to engage in lines of business not generally available to banks—notably the sale of insurance and real estate brokerage.
The company formed two operating subsidiaries in the mid-1990s to enhance the bank’s ability to market to different, but related market segments. The first, formed in 1996, was Peoples Investment Services, Inc., designed to sell stock market instruments and insurance products. In 1997, the bank formed Real Estate Appraisal Services, Inc., which was designed to permit the bank to deal in real estate transactions and appraisals on behalf of the bank and others. In 2009, the holding company formed Community Bank Real Estate Solutions, LLC., to provide residential and commercial property appraisals to real estate lenders. This subsidiary has the potential to expand services across the US.
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