Shareholders for WesBanco and Premier Financial overwhelmingly approved the previously announced merger of the two banks.
The merger involves WesBanco, based in West Virginia, acquiring Premier, based in Ohio. Premier Financial is the holding company for Premier Bank. With the approval of shareholders, the merger is on track to close during the first quarter of 2025, pending the completion of customary closing conditions the required regulatory approvals.
“Shareholder approval is a key milestone that reflects strong confidence in the opportunities this merger creates for our communities, customers, employees and shareholders,” Jeff Jackson, president and CEO of WesBanco, said. “With this step complete, we look forward to receiving the required regulatory approvals and then scheduling the closing of the merger, so we can bring our community commitment and the resources of a stronger organization to all of our communities.”
The merger will create a regional financial services institution with approximately $27 billion in assets, along with significant economies of scale.
Headquartered in Wheeling, W.V., WesBanco serves customers in eight states and has $18.5 billion in total assets.
Premier Bank, based in Defiance, Ohio, operates 73 branches and nine loan offices in Ohio, Michigan, Indiana, and Pennsylvania.
With complementary and contiguous geographic footprints, the combined company would be the 8th largest bank in Ohio. It would also have an increased presence in Indiana, and serve customers in nine states.