WesBanco, Inc. and Premier Financial Corp. have announced that their respective shareholders have voted overwhelmingly to adopt and approve all proposals relating to the 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. Additionally, approximately 68% of the outstanding shares of Premier common stock voted to approve the proposal to adopt the merger agreement.
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. Upon completion, the merger will create a regional financial services institution with approximately $27 billion in assets, significant economies of scale, and strong pro forma profitability metrics. The combined company would become the 8th largest bank in Ohio based on deposit market share, with an increased presence in Indiana and serving customers in nine states.
WesBanco, Inc., with over 150 years as a community-focused, regional financial services partner, has $18.5 billion in total assets. Premier Financial Corp., headquartered in Defiance, Ohio, is the holding company for Premier Bank, which operates 73 branches and nine loan offices in Ohio, Michigan, Indiana, and Pennsylvania.
The completion of this critical milestone signifies strong confidence in the opportunities this merger creates for communities, customers, employees, and shareholders. As a result of these announcements, the company's shares have moved 0.4% on the market, and are now trading at a price of $27.94. For the full picture, make sure to review Premier Financial's 8-K report.
