Peoples Bancorp Inc. agreed to acquire Rockville, Maryland-based Capital Bancorp, Inc. in an all-stock transaction valued at approximately $728.1 million. Capital shareholders would receive 1.11 Peoples shares for each Capital share, based on Peoples' 20-day volume-weighted average closing price of $39.41 as of Sept. 29, 2026, implying approximately $43.75 per Capital share and giving former Capital shareholders about 32% of the combined company. The merger would create a pro forma bank with $14.3 billion of assets and $11.8 billion of deposits, taking Peoples beyond the $10 billion threshold associated with limits on debit-card interchange revenue under the Durbin Amendment and heightened Federal Reserve supervision. Peoples said Capital's specialty deposit-gathering businesses and four national business lines—secured credit cards, Small Business Administration loan servicing, mortgage lending and commercial lending—were central to the deal. Ademi LLP is investigating whether the exchange ratio reflects Capital's value and future prospects, whether insiders would receive change-of-control benefits, and whether deal protections could deter a superior offer. The transaction is expected to close in the first half of 2027, subject to shareholder and regulatory approvals.