WesBanco, a bank holding company, has entered into a definitive agreement with the AmTrust Bank to purchase all of AmTrust’s Columbus, Ohio branches.
As part of the agreement, WesBanco will assume all of the deposit liabilities and buy the related fixed assets of the five AmTrust branches in the greater Columbus market.
WesBanco will not acquire any loans as part of the transaction. WesBanco does not anticipate closing any of the AmTrust branches and it expects to retain the majority of the AmTrust employees in Columbus.
Pursuant to the agreement, WesBanco will pay a deposit premium of approximately $20.9 million or a 3.5% premium on approximately $601 million of deposits as of January 16, 2009.
The transaction has been approved by the board of directors of both companies. The transaction is expected to close soon after receiving regulatory approvals, in March 2009.
Paul Limbert, president and CEO of WesBanco, said: This transaction will dramatically improve our presence in the dynamic Columbus market and is very consistent with our long-term strategy. We believe that the long-term demographics of the Columbus market are compelling and we will be pleased to welcome the AmTrust employees as we seize the opportunities that are present in the market.
