WesBanco Bank, a subsidiary bank of WesBanco, has completed its purchase of all five Columbus, Ohio AmTrust Bank banking offices.
With the completion of the purchase, WesBanco has assumed all of the deposit liabilities, approximately $600m, of the five AmTrust branches in the greater Columbus market.
WesBanco did not acquire any loans as part of the transaction and does not anticipate closing any of the AmTrust branches. All five locations have opened as WesBanco banking centres, staffed primarily by former AmTrust employees in Columbus.
Paul Limbert, president and CEO of WesBanco, said: This transaction has improved our deposit share in the Columbus MSA to the number nine position, according to the Federal Deposit Insurance Corporation’s data. As a result, our ability to serve customers, both businesses and consumers in the market, will be greatly enhanced. We believe these five offices assist us in strategically building our Columbus franchise and we are pleased to welcome the AmTrust employees to WesBanco.
Peter Goldberg, CEO of AmTrust, added: We have enjoyed our long presence in the Columbus market, but this will allow us to focus on our core markets and are pleased to have found a quality institution which has a strong focus on customer service.
