WesBanco Bank Inc., Wheeling, West Virginia, received the final required regulatory approvals to acquire Premier Bank, Youngstown, Ohio, on Feb. 12. The deal was expected to close on or about Feb. 28.
The all-stock transaction was valued at $959 million when it was first announced last July. WesBanco announced at that time that it had entered into subscription agreements with investors to raise capital to support the merger, led by a $125 million investment from Wellington Management. In aggregate, $200 million in WesBanco common stock will be issued.
The combined institutions are estimated to hold $27 billion in assets. Upon completion of the merger, four members of Premier’s board will be appointed to WesBanco’s board.
