In each transaction, the acquiring bank will assume substantially all of the deposit liabilities and buy related assets, including loans, of the branches purchased. The transactions are all expected to close in March or April of 2008.
Pursuant to their respective agreements, Franklin Savings, a subsidiary of First Franklin Corporation, will acquire Oak Hill Banks’ Cherry Grove and Delhi branches, both located in Cincinnati, and the Trenton branch in Butler County; First State Bank of Adams County, a subsidiary of First State Bancorp, will acquire Oak Hill Banks’ Ripley, Georgetown and Mount Orab branches, all located in Brown County; and Vinton County National Bank of McArthur, a subsidiary of Community Bancshares, will acquire Oak Hill Banks’ Richmond Dale and Logan branches, located in Ross and Hocking Counties, respectively.
Paul Limbert, president and CEO of WesBanco, said: These branch sales represent a planned rationalization by WesBanco of the Oak Hill franchise. We believe these sales best position WesBanco to fulfill its commitment to our customers, employees, and communities, and we are pleased to be handing these branches off to first rate institutions. WesBanco currently has approximately 50% of its total deposits in Ohio and remains committed to further developing these markets as opportunities present themselves.
