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Creates a community-focused, regional financial services partner with $27+ billion in assets
Announces $200 million in capital commitments in support of the merger
WHEELING, W.Va., July 26, 2024 /PRNewswire/ -- WesBanco, Inc. ("WesBanco") (NASDAQ:WSBC) and Premier Financial Corp. ("Premier") (NASDAQ:PFC) jointly announced today that they have executed a definitive Agreement and Plan of Merger ("Agreement") providing for the merger of Premier with and into WesBanco. Jeff Jackson, President and Chief Executive Officer of WesBanco, and Gary Small, President and Chief Executive Officer of Premier, made the joint announcement.
Under the terms of the Agreement, which has been unanimously approved by the board of directors of both companies, WesBanco will exchange shares of its common stock for all of the outstanding shares of Premier common stock, in an all-stock transaction. Premier shareholders will be entitled to receive 0.80 of a share of WesBanco common stock for each share of Premier common stock they own upon the effective time of the merger, for aggregate merger consideration valued at approximately $959 million, or $26.66 per share, based on WesBanco's closing stock price of $33.32 as of July 24, 2024. The transaction values Premier at a price to June 30, 2024 tangible book value per share of 142% and a price to mean analyst estimated 2024 earnings per share of 12.9 times. The merger is expected to qualify as a tax-free reorganization.
