Peoples Bancorp Profile
Peoples Bancorp, Inc. operates as the holding company for The Peoples Bank that provides various banking products and services to individuals, small businesses, associations, and government entities in Kent, Cecil, Queen Anne's, and Talbot Counties, Maryland.
The company, which operates out of a main office and branches, offers deposit services and loans to individuals, small businesses, associations, and government entities. Other services include direct deposit of payroll and social security checks, automatic drafts from accounts, automated teller machine services, cash management services, safe deposit boxes, money orders and on-line banking with bill payment service.
The Insurance Subsidiary operates from locations in Kent County and Talbot County. They provide a full range of insurance products to businesses and consumers. Product lines include property, casualty, life, marine, long-term care, and health insurance.
Loan Portfolio
The company offers residential, commercial, other, construction and land development, residential real estate, commercial real estate, other real estate, commercial, and consumer loans. Real estate loans are broken into the following categories: residential; commercial; construction and land development; and other loans. Commercial real estate loans are subject to underwriting standards and processes similar to commercial loans, in addition to those of real estate loans. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. The company originates consumer loans.
Investment Portfolio
The company invests in the U.S. government agency and mortgage-backed securities
Deposits
The company offers noninterest bearing checking, savings and NOW, Money market, and other time.
Segments
The company conducts business in two operating segments - Community Banking and Insurance. Each of the operating segments is a strategic business unit that offers different products and services.
The Community Banking segment is conducted through The Peoples Bank and involves delivering a broad range of financial products and services, including various loan and deposit products to both individuals and businesses. The Community Banking segment income is included in the Parent Holding Company which is the top tier of the company.
The Insurance segment is conducted through Fleetwood Insurance Group, a subsidiary of the company, and offers a full range of insurance products to businesses and consumers. Fleetwood Insurance Group, a general insurance agency conducts business from two locations. They have offices in Chestertown and Easton, Maryland. Major sources of revenue are insurance commissions from property, casualty, life, marine, long-term care, and health insurance. Expenses include personnel, occupancy, and support charges. The Insurance segment was a business that was acquired in a transaction in which the management of the agency was retained. The accounting policies of the segment are the same as those of the company.
Regulations
The company's primary regulator, the Federal Deposit Insurance Corporation (FDIC), has adopted leverage and risk-based capital standards for their supervised banking institutions.
History
Peoples Bancorp, Inc. was founded in 1910. The company was incorporated in 1910.
