WesBanco to Merge with Premier Financial Corp in $959 Million Deal
Key Details:
- Merger Agreement:
- Parties Involved: West Virginia-based WesBanco and Ohio-based Premier Financial Corp (holding company of Premier Bank).
- Transaction Value: $959 million (all-stock transaction).
- Shareholder Impact:
- Premier Shareholders: Will receive 0.80 shares of WesBanco common stock for each Premier share.
- Post-Merger Ownership: Premier shareholders to hold 30% of the combined entity’s shares.
- Capital Raise: $200 million in WesBanco common stock, including a $125 million contribution from Wellington Management.
- Board of Directors:
- Four Premier board members to join WesBanco’s board after the merger.
- Combined Entity:
- Assets: Approximately $27 billion.
- Branches: Over 250 financial centers (an increase of 73).
- Geographic Expansion: Enhanced presence in southern Michigan and north-eastern Indiana.
- Strategic Significance:
- Ranking: 8th largest bank in Ohio based on deposit market share.
- WesBanco CEO Statement: Jeff Jackson describes the merger as a “transformative” move, enhancing their ability to serve new and existing communities.
- Timeline:
- Expected Completion: Q1 2025.