WesBanco, Inc. Completes Acquisition of Premier Financial Corp. and Appoints Directors
Rhea-AI Summary
WesBanco (WSBC) has successfully completed its acquisition of Premier Financial Corp, creating a regional financial institution with approximately $27 billion in assets. The merger positions WesBanco as the 81st largest insured depository organization in the United States and the 8th largest bank in Ohio.
The combined entity will operate through more than 250 financial centers across nine states: Indiana, Kentucky, Maryland, Michigan, Ohio, Pennsylvania, Tennessee, Virginia, and West Virginia. Former Premier directors Zahid Afzal, John L. Bookmyer, Louis M. Altman, and Lee J. Burdman have been appointed to WesBanco's Board of Directors.
Former Premier financial centers will continue operating under the Premier Bank name until customer and data conversion occurs in mid-May 2025, after which all locations will be rebranded as WesBanco.
Positive
- Creation of $27B asset regional financial institution
- Becomes 8th largest bank in Ohio by deposit market share
- Expansion to 250+ financial centers across 9 states
- Enhanced scale and operational efficiency
- Strong pro forma profitability metrics expected
Negative
- Integration risks and potential disruptions
- Conversion costs and operational challenges until May 2025
- Potential customer attrition during transition period
Insights
WesBanco's completed acquisition of Premier Financial represents a significant strategic expansion that meaningfully alters the company's competitive position. With assets now reaching
This deal follows the broader regional banking consolidation trend where mid-sized institutions are seeking scale to compete more effectively against larger banks and fintechs. The expanded footprint across nine states with over 250 financial centers gives WesBanco enhanced geographic diversification, potentially reducing concentration risks while creating opportunities for organic growth in new markets.
Particularly noteworthy is WesBanco's implementation of a regionalized banking model that balances centralized strategy with local market leadership. This approach typically helps preserve valuable customer relationships and local market knowledge – critical factors in community banking where relationships drive business.
The integration timeline appears carefully structured, with Premier branches operating under their existing brand until mid-May. This phased approach should help minimize customer attrition, which often plagues bank mergers. The board additions bring critical market expertise that should facilitate integration of Premier's operations and relationships.
For investors, this transaction transforms WesBanco from a smaller regional player to a more substantial banking institution with greater economies of scale, enhanced technological capacity, and broader product distribution – all essential elements for competing in today's banking landscape.
This transaction significantly enhances WesBanco's financial profile, creating a more powerful regional banking franchise with approximately
The delayed systems conversion until mid-May reflects standard procedure in bank M&A, allowing for comprehensive testing to minimize integration risks. The announcement's emphasis on "strong pro forma profitability metrics" suggests potential for improved returns, though execution risk remains the primary challenge in bank mergers.
The expansion of WesBanco's wealth management capabilities is particularly compelling, with the combined entity now holding
Notably, the acquisition strengthens WesBanco's competitive positioning in Ohio, jumping to 8th largest in the state by deposits. This enhanced scale in specific markets typically leads to improved operating leverage and market visibility.
The appointment of four Premier directors to WesBanco's board signals a collaborative integration approach, potentially facilitating customer retention and employee transition – two critical success factors that often determine whether a bank merger creates or destroys shareholder value. While integration challenges inevitably arise in transactions of this magnitude, WesBanco's regionalized model appears designed to preserve the customer relationships and local market expertise that drive community banking success.
WHEELING, W.Va., Feb. 28, 2025 /PRNewswire/ -- WesBanco, Inc. ("WesBanco") (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced the successful closing of the previously announced acquisition of Premier Financial Corp. ("Premier") (Nasdaq: PFC). The holding company closing was promptly followed by the merger of Premier's subsidiary bank, Premier Bank, with and into WesBanco's banking subsidiary, WesBanco Bank, Inc. (the "Bank"). With the closing of the merger, WesBanco appointed Zahid Afzal, John L. Bookmyer, Louis M. Altman and Lee J. Burdman, formerly directors of Premier, to the WesBanco Board of Directors.
"We are thrilled to announce the successful completion of this acquisition, which brings together two strong, community-focused institutions to create an even more dynamic regional bank well-positioned to support our customers' unique financial journeys across their consumer, commercial and wealth management needs," said Jeff Jackson, President and Chief Executive Officer of WesBanco. "We warmly welcome four experienced directors of Premier to our board, as well as the employees, customers and community partners who have contributed to Premier's past success and will now help build the next chapter in WesBanco's longstanding legacy of success. Together, we will deliver enhanced financial services with a community focus to help make every market we serve a better place for people and businesses to thrive."
"We are pleased to welcome Zahid Afzal, John Bookmyer, Louis Altman and Lee Burdman to the WesBanco Board of Directors and are confident their expertise and deep connections in our new markets will enhance our current board. Together, we are committed to delivering value for our stakeholders through the combined strengths of an experienced and knowledgeable board, a seasoned executive management team and dedicated teams deeply committed to ensuring a successful integration and positive customer experience," said Christopher Criss, Chairman, WesBanco Board of Directors.
The completed acquisition creates a regional financial services institution with approximately
With the completion of the acquisition, WesBanco has established a competitive structure that leverages the deep expertise of both legacy WesBanco leaders and Premier talent to enhance customer and community relationships and support long-term growth. This enhanced structure includes a regionalized commercial and consumer banking model that balances strategic oversight with continued strong local leadership and engagement by market presidents.
Former Premier financial centers will continue operating under the Premier Bank name until customer and data conversion occurs in mid-May. At that time, all financial centers of the combined bank will be branded as WesBanco.
About WesBanco, Inc.
With over 150 years as a community-focused, regional financial services partner, WesBanco Inc. (NASDAQ: WSBC) and its subsidiaries build lasting prosperity through relationships and solutions that empower our customers for success in their financial journeys. Customers across our nine-state footprint choose WesBanco for the comprehensive range and personalized delivery of our retail and commercial banking solutions, as well as trust, brokerage, wealth management and insurance services, all designed to advance their financial goals. Through the strength of our teams, we leverage large bank capabilities and local focus to help make every community we serve a better place for people and businesses to thrive. Headquartered in
Forward-looking statements in this release relating to the merger between WesBanco and Premier and the parties' plans, expectations and intentions are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The information contained in this release should be read in conjunction with WesBanco's Form 10-K for the year ended December 31, 2024 and documents subsequently filed by WesBanco with the Securities and Exchange Commission ("SEC"), which are available at the SEC's website, www.sec.gov or at WesBanco's website, www.WesBanco.com. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in WesBanco's most recent Annual Report on Form 10-K filed with the SEC under "Risk Factors" in Part I, Item 1A. Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, that the businesses of WesBanco and Premier may not be integrated successfully or such integration may take longer to accomplish than expected; the expected cost savings and any revenue synergies from the merger of WesBanco and Premier may not be fully realized within the expected timeframes; disruption from the merger of WesBanco and Premier may make it more difficult to maintain relationships with clients, associates, or suppliers; the effects of changing regional and national economic conditions, changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity; sources of liquidity available to WesBanco and its related subsidiary operations; potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities; actions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, the SEC, the Financial Institution Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investors Protection Corporation, and other regulatory bodies; potential legislative and federal and state regulatory actions and reform, including, without limitation, the impact of the implementation of the Dodd-Frank Act; adverse decisions of federal and state courts; fraud, scams and schemes of third parties; cyber-security breaches; competitive conditions in the financial services industry; rapidly changing technology affecting financial services; marketability of debt instruments and corresponding impact on fair value adjustments; success and timing of other business strategies; extended disruption of vital infrastructure; and/or other external developments materially impacting WesBanco's operational and financial performance. WesBanco does not assume any duty to update forward-looking statements.
While forward-looking statements reflect our good-faith beliefs, they are not guarantees of future performance. All forward-looking statements are necessarily only estimates of future results. Accordingly, actual results may differ materially from those expressed in or contemplated by the particular forward-looking statement, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.
View original content to download multimedia:https://www.prnewswire.com/news-releases/wesbanco-inc-completes-acquisition-of-premier-financial-corp-and-appoints-directors-302389084.html
SOURCE WesBanco, Inc.
FAQ
What is the total asset size of WesBanco after acquiring Premier Financial?
When will Premier Bank branches be rebranded to WesBanco?
How many states does WesBanco now operate in after the Premier acquisition?
What is WesBanco's new market position in Ohio after acquiring Premier?
How many financial centers does WSBC operate after the Premier merger?
