Regional lender WesBanco, Inc. (WSBC) and rival Premier Financial Corp. (PFC) entered into an all-stock merger agreement worth $959 million on July 26, 2024.
Under the terms of the merger agreement, Premier shareholders will receive 0.80 of a share of WesBanco common stock for each share of Premier common stock they own, at $26.66 per share, representing a premium of 4.63% from the stock’s last close.
Premier Financial is a Defiance, Ohio-based company offering a range of banking services, including deposit accounts, loans, investment products, insurance, and digital banking, operating in Ohio, Michigan, Indiana, Pennsylvania, and West Virginia.
WesBanco is a Wheeling, West Virginia-based bank holding company providing retail, corporate, trust, brokerage, mortgage, and insurance services through its Community Banking and Trust and Investment Services segments in the United States.
WesBanco expects its deal with Premier to significantly expand its presence to over 250 financial centers and loan production offices across nine states. To support the transaction, it has also secured a $125 million capital contribution from the private investment firm Wellington Management.
The deal, which is expected to close during the first quarter of 2025, is also expected to create a combined bank with about $27 billion in assets. The combined bank is expected to become the 8th largest bank in Ohio.
Premier Financial’s current Price/Book (TTM) ratio is 0.94, below the sector median of 1.27.
For more detailed information related to this merger and acquisition transaction, please visit the Deal Metrics page:
Deal Metrics for the acquisition of Premier Financial Corp. (PFC) by WesBanco, Inc. (WSBC)
The Deal Metrics page for each merger or acquisition includes:
– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And much more.
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Editor’s Note: Baranjot Kaur contributed to this article