WesBanco, Inc. and Premier Financial Corp. Announce Regulatory Approvals for Pending Merger

Rhea-AI Summary

WesBanco (WSBC) and Premier Financial Corp. (PFC) have received all necessary regulatory approvals for their pending merger, following overwhelming shareholder approval from both companies on December 11, 2024. The merger is expected to close around February 28, 2025, subject to customary closing conditions.

The combined entity will create a regional financial services institution with approximately $27 billion in assets. The merger will establish the 8th largest bank in Ohio by deposit market share, with expanded presence in Indiana and operations across nine states. WesBanco currently holds $18.7 billion in total assets, with Trust and Investment Services managing $6.0 billion in assets and $1.9 billion in securities account values through their broker/dealer as of December 31, 2024.

Positive

• Creation of a $27 billion asset regional financial institution
• Becoming 8th largest bank in Ohio by deposit market share
• Geographic expansion to nine states
• Significant economies of scale expected
• Strong pro forma profitability metrics anticipated

Negative

• None.

WHEELING, W.Va., Feb. 12, 2025 /PRNewswire/ -- WesBanco, Inc. ("WesBanco") (Nasdaq: WSBC) and Premier Financial Corp. ("Premier") (Nasdaq: PFC) today announced that they have received all necessary regulatory approvals for the pending merger of Premier with and into WesBanco.

The companies previously announced that the shareholders of Premier and the shareholders of WesBanco had voted overwhelmingly to approve the transaction at their respective special meetings on December 11, 2024.

"We are thrilled to have received all necessary regulatory and shareholder approvals, marking a significant milestone in our journey to bring WesBanco and Premier together," said Jeff Jackson, President and Chief Executive Officer of WesBanco. "These approvals reflect the strength of our shared vision for a community-focused, regional financial services provider. We look forward to closing this transformative merger and delivering the benefits of our combined strengths to our customers, communities, teams and shareholders."

WesBanco and Premier expect that the closing of the merger will occur on or about February 28, 2025. The transaction remains subject to the completion of customary closing conditions.

The merger will create a regional financial services institution with approximately $27 billion in assets, significant economies of scale, and strong pro forma profitability metrics. With complementary and contiguous geographic footprints, the combined company would be the 8th largest bank in Ohio, based on deposit market share, have increased presence in Indiana, and serve customers in nine states.

About WesBanco, Inc.
With over 150 years as a community-focused, regional financial services partner, WesBanco Inc. (NASDAQ: WSBC) and its subsidiaries build lasting prosperity through relationships and solutions that empower our customers for success in their financial journeys. Customers across our eight-state footprint choose WesBanco for the comprehensive range and personalized delivery of our retail and commercial banking solutions, as well as trust, brokerage, wealth management and insurance services, all designed to advance their financial goals. Through the strength of our teams, we leverage large bank capabilities and local focus to help make every community we serve a better place for people and businesses to thrive. Headquartered in Wheeling, West Virginia, WesBanco has $18.7 billion in total assets, with our Trust and Investment Services holding $6.0 billion of assets under management and securities account values (including annuities) of $1.9 billion through our broker/dealer, as of December 31, 2024. Learn more at www.wesbanco.com and follow @WesBanco on Facebook, LinkedIn and Instagram.

About Premier Financial Corp.
Premier Financial Corp. (Nasdaq: PFC), headquartered in Defiance, Ohio, is the holding company for Premier Bank. Premier Bank, headquartered in Youngstown, Ohio, operates 73 branches and nine loan offices in Ohio, Michigan, Indiana and Pennsylvania and also serves clients through a team of wealth professionals dedicated to each community banking branch. For more information, visit Premier's website at www.PremierFinCorp.com.

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SOURCE WesBanco, Inc.

FAQ

When will the WesBanco (WSBC) and Premier Financial merger close?

The merger is expected to close on or about February 28, 2025, subject to customary closing conditions.

What will be the total assets of WesBanco (WSBC) after the Premier Financial merger?

The combined company will have approximately $27 billion in assets.

What market position will WesBanco (WSBC) have in Ohio after the merger?

The combined company will become the 8th largest bank in Ohio based on deposit market share.

How many states will WesBanco (WSBC) operate in after the Premier Financial merger?

The combined company will serve customers across nine states.

When did shareholders approve the WesBanco (WSBC) merger with Premier Financial?

Shareholders of both companies approved the merger on December 11, 2024.