Wesbanco, Inc. and Premier Financial Corp. have announced that their shareholders have voted overwhelmingly to adopt and approve all proposals relating to the previously announced merger agreement for Wesbanco to acquire Premier. Approximately 85% of the votes cast at Wesbanco’s special meeting voted to approve the merger and the proposal to issue shares of Wesbanco common stock, while approximately 68% of the outstanding shares of Premier common stock voted to approve the proposal to adopt the merger agreement.
The merger is expected to create a regional financial services institution with approximately $27 billion in assets. This represents a significant increase from the $18.5 billion in total assets Wesbanco had as of September 30, 2024. Additionally, the combined company would be the 8th largest bank in Ohio based on deposit market share and would have an increased presence in Indiana, serving customers in nine states.
The companies believe the merger is on track to close during the first quarter of 2025, subject to the completion of customary closing conditions and the receipt of required regulatory approvals. This milestone reflects strong confidence in the opportunities the merger creates for the communities, customers, employees, and shareholders of both companies. The merger is expected to bring the community commitment and the resources of a stronger organization to all communities served.
The press release did not include specific pro forma profitability metrics, but the mention of "significant economies of scale" and the substantial increase in assets suggest substantial growth in this area as well. Today the company's shares have moved -0.6% to a price of $35.46. If you want to know more, read the company's complete 8-K report here.
