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PEOPLES BANK CORPORATION OF INDIANAPOLIS PUBLIC OFFERING BECOMES EFFECTIVE

 INDIANAPOLIS, Jan. 18 /PRNewswire/ -- Peoples Bank Corporation of Indianapolis (the "Company") (NASDAQ-NMS: PPLS) announced that its registration statement filed with the Securities and Exchange Commission relating to an offering of 392,157 newly issued nonvoting common shares, without par value, became effective today. The initial public offering price was $25.50 per share. The shares are being traded on the Nasdaq National Market under the symbol "PPLS."
 The nonvoting shares were offered through the underwriters McDonald & Company Securities, Inc. and Raffensperger, Hughes & Co., Incorporated. The Company has granted to the underwriters a 30-day option to purchase up to an additional 58,823 shares to cover over- allotments, if any.
 The estimated net proceeds of the offering of approximately $9.1 million will be used by the Company and its subsidiary, Peoples Bank & Trust Company ("Peoples"), for general corporate purposes, especially to support long-term growth.
 A prospectus relating to this offering may be obtained from McDonald & Company Securities, Inc., 800 Superior Avenue, Suite 2100, Cleveland, Ohio 44114 (or locally at One American Square, Suite 2615, Indianapolis, IN 46282), or Raffensperger, Hughes & Co., Inc., 20 N. Meridian Street, Indianapolis, IN 46204.
 Peoples has operated continuously since 1891, and its business activities are concentrated in the greater Indianapolis area. As the largest locally owned and headquartered commercial bank in Indianapolis, Peoples offers a broad range of lending, deposit, cash management and trust services to individual, commercial and governmental customers through 13 full-service offices.
 -0- 1/18/94
 /CONTACT: William E. McWhirter, president & CEO of Peoples Bank Corporation of Indianapolis, 317-237-8001/
 (PPLS)


CO: Peoples Bank Corporation of Indianapolis ST: Indiana IN: FIN SU: OFR

CM-KL -- CL027 -- 2908 01/18/94 15:59 EST
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Publication:PR Newswire
Date:Jan 18, 1994
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