WesBanco, Inc. and Premier Financial Corp. have announced that they have received all necessary regulatory approvals for their pending merger. The shareholders of both companies had voted overwhelmingly to approve the transaction at their respective special meetings on December 11, 2024.
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 is expected to be the 8th largest bank in Ohio based on deposit market share, with an increased presence in Indiana and serving customers in nine states.
As of December 31, 2024, WesBanco had $18.7 billion in total assets, with $6.0 billion of assets under management and securities account values of $1.9 billion through its broker/dealer. Premier Financial Corp., headquartered in Defiance, Ohio, operates 73 branches and nine loan offices in Ohio, Michigan, Indiana, and Pennsylvania.
The closing of the merger is expected to occur on or about February 28, 2025, subject to the completion of customary closing conditions. The market has reacted to these announcements by moving the company's shares 0.7% to a price of $36.59. If you want to know more, read the company's complete 8-K report here.
