Issue 4 · October 5, 2026

Ohio Valley, Mid-Atlantic, Washington, Oklahoma

Four connectivity purchases forming right now. Not five this week - only four held up, and three of the four are bank mergers. None of them is an RFP yet. Every one is public, and every one has a date.

This week's signals were gathered between September 20 and October 4, 2026, and only entries whose dates could be confirmed at the source were kept.

FOUR FORMING

Peoples Bancorp Inc., Ohio

SEPTEMBER 25 - The Federal Reserve Board approved Peoples Bancorp Inc. merging with Citizens National Corporation, thereby indirectly acquiring Citizens Bank of Kentucky, Inc., both of Paintsville, Kentucky. The Board also approved Peoples Bank merging with Citizens Bank of Kentucky, establishing branches at their locations.

SEPTEMBER 30 - Peoples Bancorp and Capital Bancorp, Inc., of Maryland announced a merger agreement, "valued at approximately $728.1 million." The release describes the combined company as having "approximately $14 billion in total assets... with over 150 banking locations across eight states and Washington, D.C." The deal is expected to close in 2027.

One acquirer, one regulator approval and one new agreement, five days apart. Two branch networks to fold in.

When banks merge, the branch circuits, WAN and carrier contracts behind them get consolidated, and that work is planned around the close. Likely Kentucky first, and the Capital footprint into 2027.

Who should be watching: WAN and SD-WAN providers, network integrators and carriers who do bank-integration work. This is eastern Kentucky now, and across combined eight-state/D.C. footprint into 2027. No public procurement vehicle here - this is a private integration.

Sources: Federal Reserve Board, press release, September 25, 2026: https://www.federalreserve.gov/newsevents/pressreleases/orders20260925a.htm · Peoples Bancorp Inc. and Capital Bancorp, Inc., merger agreement announcement (GlobeNewswire), September 30, 2026: https://www.globenewswire.com/news-release/2026/09/30/3371896/0/en/peoples-bancorp-inc-and-capital-bancorp-inc-announce-merger-agreement.html

Washington State Broadband Office

SEPTEMBER 24 - Washington State Department of Commerce announced that Washington State Broadband Office (WSBO) has "finalized agreements with seven awardees... a combined investment of more than $165 million in federal, state and private BEAD funding." Commerce says work "will connect an estimated 28,452 households once construction is complete," with "most locations expected to be connected within 4 years of contract execution."

The agreements are final - this is the step after the award. In a BEAD program, the construction, splicing, engineering and equipment buying comes after the agreement, and each awardee does its own.

Seven agreements, and most of the build inside four years.

Who should be watching: fiber construction and outside-plant contractors, splicing crews and engineering firms in Washington. The vehicle is each awardee's own construction procurement - seven awardees, seven buyers.

Source: Washington State Department of Commerce, September 24, 2026: https://www.commerce.wa.gov/washington-state-broadband-office-signs-seven-contracts-to-begin-connecting-unserved-and-underserved-communities/

ODNB Financial Corporation and National Capital Bancorp, Inc., Virginia and Washington, D.C.

SEPTEMBER 30 - ODNB Financial Corporation of Virginia and National Capital Bancorp, Inc. of Washington, D.C. announced their bank merger had cleared the Office of the Comptroller of the Currency.

The combined company will be named National Capital Bancorp, Inc., and the close is expected in Q4 2026, pending Virginia State Corporation Commission and shareholder approval.

A federal approval, with state approval and a shareholder vote left. If the Q4 close holds, the network, WAN and carrier integration behind it gets planned before the close, not after it.

Who should be watching: WAN and network integrators and carriers serving community banks in Virginia and the D.C. area. This is a private integration - no public procurement vehicle here. Watch for the Virginia State Corporation Commission's approval.

Source: ODNB Financial Corporation and National Capital Bancorp, Inc., company release (ACCESSWIRE), September 30, 2026: https://www.tradingview.com/news/acceswire:71dc664ab094b:0-odnb-financial-corporation-and-national-capital-bancorp-inc-announce-receipt-of-occ-approval-and-federal-reserve-waiver-to-complete-mergers/

BancFirst Corporation and Spirit BankCorp, Oklahoma

SEPTEMBER 22 - The Federal Reserve Board approved BancFirst Corporation's acquisition of Spirit BankCorp, Inc., of Bristow, Oklahoma, and indirectly SpiritBank, of Tulsa, Oklahoma. As of this check, the acquisition has not closed.

What follows a bank acquisition is the close, and then the decisions about branch connectivity, WAN and carriers.

Who should be watching: WAN and network integrators and carriers serving Oklahoma community banks, in the Tulsa area especially. Again, private transaction - no public procurement vehicle.

Source: Federal Reserve Board, press release, September 22, 2026: https://www.federalreserve.gov/newsevents/pressreleases/orders20260922a.htm

PATTERN

Three of the four are bank mergers - three approvals and one new agreement, none with a public bid to wait for. The fourth is seven finalized BEAD agreements in Washington. None of them is a construction or network contract yet - and each one has a date.

Also on LinkedIn: the newsletter issue