Nasdaq-listed bank holding company WesBanco has finalised its previously announced $959m acquisition of Ohio-based bank holding company Premier Financial.
As part of the deal, Premier Financial’s subsidiary, Premier Bank, was merged into WesBanco’s banking arm, WesBanco Bank.
The acquisition is aimed at positioning WesBanco as a regional financial services powerhouse with assets totalling around $27bn. The combined entity benefits from increased economies of scale and robust profitability metrics.
WesBanco president and CEO Jeff Jackson said: “We are thrilled to announce the successful completion of this acquisition, which brings together two strong, community-focused institutions to create an even more dynamic regional bank well-positioned to support our customers’ unique financial journeys across their consumer, commercial and wealth management needs.”
Operating across a contiguous geographic footprint, the merged company ranks as the 81st largest insured depository organisation in the US and the 8th largest bank in Ohio by deposit market share.
WesBanco now operates over 250 financial centres and loan production offices across Indiana, Michigan, Kentucky, Maryland, Ohio, Tennessee, Pennsylvania, Virginia, and West Virginia.
Based in Wheeling, West Virginia, WesBanco reported total assets of $18.7bn, as of 31 December 2024 Its trust and investment services manage $6bn in assets under management and securities account values amounting to $1.9bn through its broker/dealer as of 31 December 2024.
The acquisition enhances WesBanco’s competitive structure by integrating expertise from both its own and Premier Financial to strengthen customer relationships and support long-term growth. This includes a regionalised commercial and consumer banking model that combines strategic oversight with strong local leadership.
Premier Financial’s centres will continue to operate under the Premier Bank name until mid-May when customer and data conversion is expected to occur. At that point, all financial centres will be rebranded as WesBanco.
The all-stock transaction was initially announced in July 2024 and received unanimous approval from the boards of both companies.
Under the agreement terms, Premier Financial’s shareholders are entitled to receive 0.80 shares of WesBanco common stock for each share they own.
The transaction values the the Nasdaq-listed Premier Financial at $26.66 per share based on WesBanco’s closing stock price of $33.32 on 24 July 2024. This represents a valuation of 142% of Premier Financial’s tangible book value per share as of 30 June 2024, and a multiple of 12.9 times the mean analyst estimated earnings per share for 2024.
Following the completion of the transaction, WesBanco has expanded its franchise by adding 73 financial centres primarily located throughout northern Ohio as well as in southern Michigan and northeastern Indiana.
