WesBanco snaps up Ohio’s Premier Financial in $959m all-stock deal

WesBanco to Merge with Premier Financial Corp in $959 Million Deal

Key Details:

1. 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).
2. 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.
3. Board of Directors:
   • Four Premier board members to join WesBanco’s board after the merger.
4. 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.
5. 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.
6. Timeline:
   • Expected Completion: Q1 2025.