Hundreds of grassroots organisations to oppose the UN Food Systems Summit - World
Civil society and Indigenous Peoples' organisations will launch a global counter-mobilisation against the UN Food Systems Pre-Summit from 25 to 28 July 2021.
Rome, Italy. 19 July 2021.
Over 300 global civil society organisations of small-scale food producers, researchers and Indigenous Peoples' will gather online (25-28 July) to protest against the UN Food Systems Pre-Summit. The People’s Counter-Mobilisation to Transform Corporate Food Systems is the latest in a series of rejections of the UN Food Systems Summit (UNFSS), including a coalition of scientists who petitioned to boycott it.
The People’s Autonomous Response to the UNFSS argues that the Summit distracts from the real problems the planet faces at this critical juncture. Resulting from a partnership between the UN and the World Economic Forum (formed by the world’s top 1000 corporations), the Summit is disproportionately influenced by corporate actors, and lacks transparency and accountability mechanisms. It diverts energy, critical mass and financial resources away from the real solutions needed to tackle the multiple hunger, climate and health crises.
Globalised, industrialised food systems fail most people, and the Covid-19 pandemic has worsened the situation. According to the 2021 UN Report on the State of Food Security and Nutrition, the number of chronically undernourished people has risen to 811 million, while almost a third of the world’s population has no access to adequate food. The Global South still reels from Covid-19, unveiling the entrenched structural power asymmetries, fragility and injustice that underpin the predominant food system.
Over 380 million people make up the transnational movements of peasants and farmers, women, youth, Indigenous Peoples, pastoralists, landless, migrants, fisherfolk, food and agricultural workers, consumers, and urban food insecure joining the protest. They demand a radical transformation of corporate food systems towards a just, inclusive and truly sustainable food system. They equally demand increased participation in existing democratic food governance models, such as the UN Committee for World Food Security (CFS) and its High-Level Panel of Experts (HLPE). The UNFSS threatens to undermine CFS, which is the foremost inclusive intergovernmental international policy-making arena. By exceptionally prioritising a human rights-based approach, the CFS provides a space for the most affected to have their voices heard. Yet the multilateral UN system is being hijacked by corporate interests to legitimise an even more detrimental, technologically-driven and crisis-ridden food system.
This counter-mobilisation reflects concerns about the Summit’s direction. Despite claims of being a ‘People’s Summit’ and a ‘Solutions’ Summit, UNFSS facilitates greater corporate concentration, fosters unsustainable globalised value chains, and promotes the influence of agribusiness on public institutions.
False solutions touted by UNFSS include failed models of voluntary corporate sustainability schemes, ‘nature-positive’ solutions which include risky technologies such as Genetically Modified Organisms and biotechnology, and sustainable intensification of agriculture. They are neither sustainable, nor affordable for small-scale food producers, and do not address structural injustices such as land and resource grabbing, corporate abuse of power, and economic inequality.
The parallel counter-mobilisation will share small-scale food producers and workers' realities, and their visions for a human rights-based and agroecological transformation of food systems, highlighting the importance of food sovereignty, small-scale sustainable agriculture, traditional knowledge, rights to natural resources, and the rights of workers, Indigenous Peoples, women and future generations.
Discussions will centre on real solutions: binding rules for corporate abuses, ending pesticide use, and agroecology as a science, practice and movement.
The program will include the following activities:
25 July 2021: A Global virtual Rally with small-scale food producers and people’s voices.
26 July 2021: Three public roundtable discussions on the COVID-19 context, the hunger and climate crises and the Summit’s push for corporate capture of governance and science.
27 July 2021: 15 virtual sessions on people’s alternatives and visions on food systems.
28 July 2021: A closing panel with the launch of a final statement and a discussion on ways to challenge UNFSS in September.
-ENDS-
Peoples Bancorp Announces Second Quarter Earnings Results
NEWTON, NC / ACCESSWIRE / July 19, 2021 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK), the parent company of Peoples Bank, reported second quarter earnings results with highlights as follows:
Second quarter highlights:
Net earnings were $4.6 million or $0.82 basic net earnings per share and $0.80 diluted net earnings per share for the three months ended June 30, 2021, as compared to $2.6 million or $0.46 basic net earnings per share and $0.44 diluted net earnings per share for the same period one year ago.
The Bank originated 72 Small Business Administration (SBA) Paycheck Protection Program (PPP) loans, totaling $3.3 million, during the three months ended June 30, 2021. The Bank recognized $1.5 million in PPP loan fee income during the three months ended June 30, 2021.
Year to date highlights:
Net earnings were $8.7 million or $1.55 basic net earnings per share and $1.51 diluted net earnings per share for the six months ended June 30, 2021, as compared to $4.9 million or $0.87 basic net earnings per share and $0.84 diluted net earnings per share for the same period one year ago.
The Bank originated 419 SBA PPP loans, totaling $29.1 million, during the six months ended June 30, 2021. The Bank recognized $2.5 million in PPP loan fee income during the six months ended June 30, 2021.
Core deposits were $1.4 billion or 98.09% of total deposits at June 30, 2021, compared to $1.1 billion or 97.88% of total deposits at June 30, 2020.
Lance A. Sellers, President and Chief Executive Officer, attributed the increase in second quarter net earnings to an increase in net interest income, a decrease in the provision for loan losses and an increase in non-interest income, which were partially offset by an increase in non-interest expense during the three months ended June 30, 2021, compared to the three months ended June 30, 2020, as discussed below.
Net interest income was $11.7 million for the three months ended June 30, 2021, compared to $10.7 million for the three months ended June 30, 2020. The increase in net interest income was due to a $879,000 increase in interest income and a $70,000 decrease in interest expense. The increase in interest income was primarily due to a $823,000 increase in interest income and fees on loans, which was primarily due to a $1.5 million increase in fee income on SBA PPP loans. The decrease in interest expense was primarily due to a decrease in Federal Home Loan Bank (“FHLB”) borrowings. Net interest income after the provision for loan losses was $11.9 million for the three months ended June 30, 2021, compared to $9.3 million for the three months ended June 30, 2020. The provision for loan losses for the three months ended June 30, 2021 was a credit of $226,000, compared to an expense of $1.4 million for the three months ended June 30, 2020. The decrease in the provision for loan losses is primarily attributable to a decrease in reserves on loans with payment modifications made as a result of the COVID-19 pandemic and a decrease in reserves due to a net decrease in the volume of loans in the general reserve pool. At June 30, 2021, the balance of loans with existing modifications as a result of the COVID-19 pandemic was $283,000. At December 31, 2020, the balance of loans with existing modifications as a result of the COVID-19 pandemic was $18.3 million. The Company continues to track all loans that are currently modified or have been modified as a result of the COVID-19 pandemic. The loan balances associated with COVID-19 pandemic related modifications have been grouped into their own pool within the Company’s Allowance for Loan and Lease Losses (“ALLL”) model as they have a higher likelihood of risk, and a higher reserve rate has been applied to that pool. Of all loans modified as a result of the COVID-19 pandemic, $108.2 million have returned to their original terms; however, the effects of stimulus in the current environment are still unknown, and additional losses may be present in loans that are currently modified and/or loans that were once modified. At December 31, 2020, the balance for all loans that were then currently modified or previously modified but returned to their original terms was $119.6 million. The $11.4 million decrease from December 31, 2020 to June 30, 2021 in the balance of currently or previously modified loans that had returned to their original terms is primarily due to loans paid off during the six months ended June 30, 2021.
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Non-interest income was $6.0 million for the three months ended June 30, 2021, compared to $5.2 million for the three months ended June 30, 2020. The increase in non-interest income is primarily attributable to a $593,000 increase in miscellaneous non-interest income primarily due to an increase in debit card income resulting from increased debit card activity and an increase in income on Small Business Investment Company (“SBIC”) investments, and a $271,000 increase in appraisal management fee income due to an increase in the volume of appraisals.
Non-interest expense was $12.1 million for the three months ended June 30, 2021, compared to $11.5 million for the three months ended June 30, 2020. The increase in non-interest expense was primarily attributable to a $301,000 increase in appraisal management fee expense due to an increase in the volume of appraisals and a $170,000 increase in other non-interest expenses.
Year-to-date net earnings as of June 30, 2021 were $8.7 million or $1.55 basic net earnings per share and $1.51 diluted net earnings per share for the six months ended June 30, 2021, as compared to $4.9 million or $0.87 basic net earnings per share and $0.84 diluted net earnings per share for the same period one year ago. The increase in year-to-date net earnings is primarily attributable to an increase in net interest income, a decrease in the provision for loan losses and an increase in non-interest income, which were partially offset by an increase in non-interest expense during the six months ended June 30, 2021, compared to the six months ended June 30, 2020, as discussed below.
Year-to-date net interest income as of June 30, 2021 was $22.8 million, compared to $21.9 million for the same period one year ago. The increase in net interest income was due to a $551,000 increase in interest income and a $296,000 decrease in interest expense. The increase in interest income was primarily due to a $807,000 increase in interest income and fees on loans, which was primarily due to a $2.5 million increase in fee income on SBA PPP loans. The decrease in interest expense was primarily due to a decrease in rates paid on interest-bearing liabilities and a decrease in FHLB borrowings. Net interest income after the provision for loan losses was $23.5 million for the six months ended June 30, 2021, compared to $19.0 million for the same period one year ago. The provision for loan losses for the six months ended June 30, 2021 was a credit of $681,000, compared to an expense of $2.9 million for the six months ended June 30, 2020. The decrease in the provision for loan losses is primarily attributable to a decrease in reserves on loans with payment modifications made as a result of the COVID-19 pandemic and a decrease in reserves due to a net decrease in the volume of loans in the general reserve pool.
Non-interest income was $11.9 million for the six months ended June 30, 2021, compared to $9.8 million for the six months ended June 30, 2020. The increase in non-interest income is primarily attributable to a $708,000 increase in mortgage banking income due to an increase in mortgage loan volume, a $737,000 increase in appraisal management fee income due to an increase in the volume of appraisals and a $1.0 million increase in miscellaneous non-interest income primarily due to an increase in debit card income resulting from increased debit card activity and an increase in income on SBIC investments.
Non-interest expense was $24.4 million for the six months ended June 30, 2021, compared to $22.9 million for the six months ended June 30, 2020. The increase in non-interest expense was primarily attributable to a $723,000 increase in appraisal management fee expense due to an increase in the volume of appraisals and a $590,000 increase in salaries and employee benefits expense primarily due to increases in insurance costs and incentive compensation.
Income tax expense was $1.2 million for the three months ended June 30, 2021, compared to $535,000 for the three months ended June 30, 2020. The effective tax rate was 20.55% for the three months ended June 30, 2021, compared to 17.28% for the three months ended June 30, 2020. Income tax expense was $2.2 million for the six months ended June 30, 2021, compared to $1.0 million for the six months ended June 30, 2020. The effective tax rate was 20.41% for the six months ended June 30, 2021, compared to 16.90% for the six months ended June 30, 2020.
Total assets were $1.6 billion as of June 30, 2021, compared to $1.4 billion at December 31, 2020. Available for sale securities were $367.5 million as of June 30, 2021, compared to $245.2 million as of December 31, 2020. Total loans were $888.4 million as of June 30, 2021, compared to $948.6 million as of December 31, 2020. The decrease in loans is primarily due to a $38.3 million decrease in PPP loans primarily due to PPP loans being forgiven by the SBA during the six months ended June 30, 2021 and a $33.7 million decrease in commercial loans due to loan payoffs during the six months ended June 30, 2021. The Company had $37.5 million and $75.8 million in PPP loans at June 30, 2021 and December 31, 2020, respectively.
Non-performing assets were $3.4 million or 0.21% of total assets at June 30, 2021, compared to $3.9 million or 0.27% of total assets at December 31, 2020. Non-performing assets include $3.3 million in commercial and residential mortgage loans and $67,000 in other loans at June 30, 2021, compared to $3.5 million in commercial and residential mortgage loans, $226,000 in other loans, and $128,000 in other real estate owned at December 31, 2020.
The allowance for loan losses at June 30, 2021 was $9.3 million or 1.05% of total loans, compared to $9.9 million or 1.04% of total loans at December 31, 2020. Management believes the current level of the allowance for loan losses is adequate; however, there is no assurance that additional adjustments to the allowance will not be required because of changes in economic conditions, regulatory requirements or other factors.
Deposits were $1.4 billion at June 30, 2021, compared to $1.2 billion at December 31, 2020. Core deposits, which include noninterest-bearing demand deposits, NOW, MMDA, savings and non-brokered certificates of deposit of denominations less than $250,000, were $1.4 billion at June 30, 2021, compared to $1.2 billion at December 31, 2020. Certificates of deposit in amounts of $250,000 or more totaled $26.6 million at June 30, 2021, compared to $25.8 million at December 31, 2020.
Securities sold under agreements to repurchase were $31.2 million at June 30, 2021, compared to $26.2 million at December 31, 2020. Junior subordinated debentures were $15.5 million at June 30, 2021 and December 31, 2020. Shareholders' equity was $145.4 million, or 9.09% of total assets, at June 30, 2021, compared to $139.9 million, or 9.89% of total assets, at December 31, 2020.
Peoples Bank currently operates 17 banking offices entirely in North Carolina, with offices in Catawba, Alexander, Lincoln, Mecklenburg, Iredell and Wake Counties. The Bank also operates loan production offices in Lincoln, Mecklenburg and Rowan Counties. The Company’s common stock is publicly traded and is quoted on the Nasdaq Global Market under the symbol “PEBK.”
Statements made in this press release, other than those concerning historical information, should be considered forward-looking statements pursuant to the safe harbor provisions of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management and on the information available to management at the time that this release was prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate,” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, (1) competition in the markets served by Peoples Bank, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectibility of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations and (7) other risks and factors identified in the Company’s other filings with the Securities and Exchange Commission, including but not limited to those described in the Company’s annual report on Form 10-K for the year ended December 31, 2020.
Contact: Lance A. Sellers
President and Chief Executive Officer
Jeffrey N. Hooper
Executive Vice President and Chief Financial Officer
828-464-5620, Fax 828-465-6780
CONSOLIDATED BALANCE SHEETS
June 30, 2021, December 31, 2020 and June 30, 2020
(Dollars in thousands)
June 30,
2021 December 31,
2020 June 30,
2020 (Unaudited) (Audited) (Unaudited) ASSETS: Cash and due from banks $ 47,151 $ 42,737 $ 48,990 Interest-bearing deposits 240,158 118,843 15,694 Federal funds sold - - 124,955 Cash and cash equivalents 287,309 161,580 189,639 Investment securities available for sale 367,529 245,249 207,469 Other investments 3,758 4,155 7,196 Total securities 371,287 249,404 214,665 Mortgage loans held for sale 5,501 9,139 10,594 Loans 888,360 948,639 966,543 Less: Allowance for loan losses (9,287 ) (9,908 ) (9,433 ) Net loans 879,073 938,731 957,110 Premises and equipment, net 17,217 18,600 18,480 Cash surrender value of life insurance 17,164 16,968 16,507 Accrued interest receivable and other assets 22,022 21,753 19,994 Total assets $ 1,599,573 $ 1,416,175 $ 1,426,989 LIABILITIES AND SHAREHOLDERS' EQUITY: Deposits: Noninterest-bearing demand $ 512,577 $ 456,980 $ 457,637 Interest-bearing demand, MMDA & savings 775,009 657,834 594,948 Time, $250,000 or more 26,631 25,771 24,477 Other time 77,837 80,501 77,267 Total deposits 1,392,054 1,221,086 1,154,329
Securities sold under agreements to repurchase 31,249 26,201 31,747 FHLB borrowings - - 70,000 Junior subordinated debentures 15,464 15,464 15,464 Accrued interest payable and other liabilities 15,432 13,525 18,408 Total liabilities 1,454,199 1,276,276 1,289,948 Shareholders' equity: Preferred stock, no par value; authorized 5,000,000 shares; no shares issued and outstanding - - - Common stock, no par value; authorized 20,000,000 shares; issued and outstanding 5,789,166 shares at 6/30/21, 5,787,504 shares at 12/31/20 and 6/30/20 56,910 56,871 56,871 Common stock held by deferred compensation trust, at cost; 158,985 shares at 6/30/21, 155,469 shares at 12/31/20 and 150,309 shares at 6/30/20 (1,901 ) (1,796 ) (1,700 ) Deferred compensation 1,901 1,796 1,700 Retained earnings 84,504 77,628 72,942 Accumulated other comprehensive income 3,960 5,400 7,228 Total shareholders' equity 145,374 139,899 137,041 Total liabilities and shareholders' equity $ 1,599,573 $ 1,416,175 $ 1,426,989
CONSOLIDATED STATEMENTS OF INCOME
For the three and six months ended June 30, 2021 and 2020
(Dollars in thousands, except per share amounts)
Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 (Unaudited) (Unaudited) (Unaudited) (Unaudited) INTEREST INCOME: Interest and fees on loans $ 11,003 $ 10,180 $ 21,667 $ 20,860 Interest on due from banks 48 41 83 84 Interest on federal funds sold - 22 - 145 Interest on investment securities: U.S. Government sponsored enterprises 682 651 1,220 1,336 State and political subdivisions 758 684 1,397 1,325 Other 26 60 72 138 Total interest income 12,517 11,638 24,439 23,888 INTEREST EXPENSE: Interest-bearing demand, MMDA & savings deposits 543 448 1,040 973 Time deposits 191 224 403 501 FHLB borrowings - 102 - 166 Junior subordinated debentures 71 90 142 220 Other 37 48 72 93 Total interest expense 842 912 1,657 1,953 NET INTEREST INCOME 11,675 10,726 22,782 21,935 PROVISION FOR (RECOVERY OF) LOAN LOSSES (226 ) 1,417 (681 ) 2,938 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 11,901 9,309 23,463 18,997
NON-INTEREST INCOME: Service charges 910 718 1,836 1,826 Other service charges and fees 171 162 383 355 Mortgage banking income 723 563 1,593 885 Insurance and brokerage commissions 238 205 498 447 Appraisal management fee income 2,005 1,734 3,821 3,084 Miscellaneous 1,993 1,400 3,782 2,780 Total non-interest income 6,040 5,239 11,913 9,834 NON-INTEREST EXPENSES: Salaries and employee benefits 5,666 5,535 11,849 11,259 Occupancy 1,939 1,861 3,892 3,782 Appraisal management fee expense 1,634 1,333 3,090 2,367 Other 2,893 2,723 5,569 5,493 Total non-interest expense 12,132 11,452 24,400 22,901 EARNINGS BEFORE INCOME TAXES 5,809 3,096 10,976 5,930 INCOME TAXES 1,194 535 2,240 1,002
NET EARNINGS $ 4,615 $ 2,561 $ 8,736 $ 4,928
PER SHARE AMOUNTS Basic net earnings $ 0.82 $ 0.46 $ 1.55 $ 0.87 Diluted net earnings $ 0.80 $ 0.44 $ 1.51 $ 0.84 Cash dividends $ 0.16 $ 0.15 $ 0.32 $ 0.45 Book value $ 25.82 $ 24.82 $ 25.82 $ 24.82
FINANCIAL HIGHLIGHTS
For the three and six months ended June 30, 2021 and 2020, and the year ended December 31, 2020
(Dollars in thousands)
Three months ended Six months ended Year ended
June 30, June 30, December 31,
2021 2020 2021 2020 2020
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) SELECTED AVERAGE BALANCES:
Available for sale securities $ 346,889 $ 195,101 $ 305,127 $ 191,986 $ 200,821 Loans 916,393 947,344 931,714 904,489 935,970 Earning assets 1,477,256 1,258,583 1,425,990 1,181,237 1,271,764 Assets 1,563,570 1,360,408 1,510,789 1,278,673 1,365,642 Deposits 1,370,159 1,104,394 1,319,755 1,038,839 1,115,019 Shareholders' equity 141,167 134,803 142,566 135,775 141,287
SELECTED KEY DATA: Net interest margin (tax equivalent) 3.20 % 3.48 % 3.26 % 3.79 % 3.52 % Return on average assets 1.18 % 0.76 % 1.17 % 0.78 % 0.83 % Return on average shareholders' equity 13.11 % 7.64 % 12.36 % 7.30 % 8.04 % Average shareholders' equity to total average assets 9.03 % 9.91 % 9.44 % 9.91 % 9.89 %
ALLOWANCE FOR LOAN LOSSES: Balance, beginning of period $ 9,532 $ 8,112 $ 9,908 $ 6,680 $ 6,680 Provision for (Recovery of) loan losses (226 ) 1,417 (681 ) 2,938 4,259 Charge-offs (151 ) (168 ) (236 ) (378 ) (1,414 ) Recoveries 132 72 296 193 383 Balance, end of period $ 9,287 $ 9,433 $ 9,287 $ 9,433 $ 9,908
June 30,
2021 June 30,
2020 December 31,
2020 (Unaudited) (Unaudited) (Audited) ASSET QUALITY: Non-accrual loans $ 3,378 $ 3,999 $ 3,758 90 days past due and still accruing - - - Other real estate owned - - 128 Total non-performing assets $ 3,378 $ 3,999 $ 3,886 Non-performing assets to total assets 0.21 % 0.28 % 0.27 % Loans modifications related to COVID-19 $ 283 $ 120,569 $ 18,246 Allowance for loan losses to non-performing assets 274.93 % 235.88 % 254.97 % Allowance for loan losses to total loans 1.05 % 0.98 % 1.04 % Allowance for loan losses to total loans, excluding PPP loans 1.09 % 1.09 % 1.14 %
LOAN RISK GRADE ANALYSIS: Percentage of loans by risk grade Risk Grade 1 (excellent quality) 0.63 % 1.58 % 1.18 % Risk Grade 2 (high quality) 19.16 % 21.64 % 20.45 % Risk Grade 3 (good quality) 68.78 % 65.35 % 65.70 % Risk Grade 4 (management attention) 8.68 % 9.39 % 9.75 % Risk Grade 5 (watch) 1.97 % 1.26 % 2.20 % Risk Grade 6 (substandard) 0.78 % 0.78 % 0.72 % Risk Grade 7 (doubtful) 0.00 % 0.00 % 0.00 % Risk Grade 8 (loss) 0.00 % 0.00 % 0.00 %
At June 30, 2021, including non-accrual loans, there were three relationships exceeding $1.0 million in the Watch risk grade (which totaled $8.3 million). There were no relationships exceeding $1.0 million in the Substandard risk grade.
SOURCE: Peoples Bancorp of North Carolina, Inc.
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https://www.accesswire.com/655719/Peoples-Bancorp-Announces-Second-Quarter-Earnings-Results
Peoples Bancorp Inc. Elects New Director
MARIETTA, Ohio, July 19, 2021 /PRNewswire/ – Peoples Bancorp Inc. (“Peoples”) (Nasdaq: PEBO) today announced that Frances A. Skinner has been elected to the Peoples Board of Directors. She also joined the Board of Directors of Peoples' banking subsidiary, Peoples Bank. Ms. Skinner, 57, is a partner and co-founder of AUM Partners, LLC, Libertyville, Illinois, a consulting firm specializing in leadership development at financial services firms, where she worked from 2009 to 2018 and from 2019 to present. Ms. Skinner also currently serves as an independent director at Fenimore Asset Management, Cobleskill, New York, a privately held investment advisory firm, a position she has held since 2019.
A Certified Public Accountant (“CPA”) and Chartered Financial Analyst (“CFA”), Ms. Skinner served as Chief Administrative Officer – Investments, for Diamond Hill Investment Group, Columbus, Ohio, from 2018 to 2019. Diamond Hill Investment Group is a publicly traded holding company for Diamond Hill Capital Management, Inc., an investment advisory firm. Ms. Skinner served as an independent member of the Board of Directors of Diamond Hill Investment Group from 2010 to 2018, during which time she chaired the Compensation Committee and also served on the Audit Committee and Governance/Nominating Committee.
“We are delighted to have Fran join our Board,” said Susan Rector, Peoples' Chairman of the Board. “The Board will benefit greatly from Fran’s technical knowledge as a CPA and CFA and from her years of experience in the investment industry. We also look forward to benefiting from her knowledge and experience in leadership development.”
Chuck Sulerzyski, President and Chief Executive Officer for Peoples, said that he too is pleased with Ms. Skinner’s election. “Fran is a wonderful addition to our Board. Her prior experience as an independent director of a publicly traded firm, having served on the audit, compensation and governance/nominating committees, allows her to provide valuable insights and perspective to Peoples. I am delighted that she has joined us.”
Prior to joining the board of Diamond Hill Investment Group, Ms. Skinner worked from 2003 to 2009 as an independent consultant with Focus Consulting Group, Long Grove, Illinois. From 1987 to 2003, Ms. Skinner worked for Allstate Investments, LLC, Northbrook, Illinois, and from 1986 to 1987, she worked for Mellon Financial Services, Oak Brook, Illinois. In total, Ms. Skinner has more than 30 years of experience in leadership and consulting positions within the investment industry. Ms. Skinner holds a B.A. degree from St. Xavier University, and an M.B.A. degree from University of Illinois - Chicago.
Peoples is a diversified financial services holding company that makes available a complete line of banking, trust and investment, insurance, premium financing and equipment leasing solutions through its subsidiaries. Peoples has been headquartered in Marietta, Ohio since 1902 and has an established heritage of financial stability, growth and community impact. As of March 31, 2021, Peoples had $5.1 billion in total assets, 89 locations, including 76 full-service bank branches in Ohio, West Virginia and Kentucky. Peoples is a member of the Russell 3000 index of U.S. publicly-traded companies. Peoples offers services through Peoples Bank (which includes the divisions of Peoples Investment Services, Peoples Premium Finance and North Star Leasing) and Peoples Insurance Agency, LLC.
SOURCE Peoples Bancorp Inc.
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