WesBanco has finalized its acquisition of Premier Financial, a move that expands the bank’s regional presence and strengthens its leadership team, the company announced Friday.
The deal, initially announced last year, combines the two financial institutions into a single entity with approximately $27 billion in assets. Premier’s banking subsidiary, Premier Bank, has merged into WesBanco Bank, Inc., increasing the company’s footprint to more than 250 branches and loan production offices across nine states.
As part of the transaction, WesBanco has appointed four former Premier board members—Zahid Afzal, John L. Bookmyer, Louis M. Altman, and Lee J. Burdman—to its board of directors.
“The addition of Premier strengthens our ability to serve customers across a broader geographic area while maintaining a strong community banking focus,” WesBanco President and CEO Jeff Jackson said in a statement.
The merger positions WesBanco as the eighth-largest bank in Ohio by deposit market share and the 81st-largest insured depository institution in the U.S. According to the company, the integration will include a regionalized banking model that retains local leadership while benefiting from economies of scale.
Former Premier branches will continue operating under the Premier Bank name until a full system conversion, scheduled for mid-May, transitions all locations to the WesBanco brand.
