The merger, which is expected to close in the first half of 2027, will see Capital Bank, N.A. integrated into Peoples Bank. Shareholders of Capital are set to receive 1.11 shares of Peoples common stock for each share held, positioning them to own roughly 32% of the combined company. The transaction has received unanimous approval from the boards of both institutions.

Tyler Wilcox, CEO of Peoples, noted that the acquisition serves to deepen the firm's footprint in the Washington, D.C. and Baltimore markets while folding in Capital’s niche businesses like OpenSky and Windsor Advantage. For Capital’s leadership, the move provides the necessary scale to sustain growth and expand product offerings. The combined franchise will operate across eight states and Washington, D.C., maintaining a network of over 150 locations. The deal is expected to be immediately accretive to Peoples' earnings in 2027, with a return on average tangible common equity projected at 20%.