(RTTNews) - Shares of Capital Bancorp, Inc. (CBNK) are rising about 12 percent on Wednesday morning after the company signed an agreement and plan of merger, agreeing to be acquired by Peoples Bancorp Inc. (PEBO) in an all-stock transaction valued at $728.1 million. The company's shares are currently trading at $39.80 on the Nasdaq, gaining 11.66 percent in the latest session. The stock opened at $38.30 and touched an intraday high of $40.26. Over the past 12 months, the shares have traded between $26.40 and $40.26. The merger will bring together two diversified financial services franchises with complementary business models and a shared focus on relationship banking.
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