Premier Bank and Wheeling-based bank to merge

YOUNGSTOWN, Ohio (WKBN) – Wheeling, West Virginia-based WesBanco Inc. announced Friday that it is merging with Ohio-based Premier Financial Corporation, pending regulatory approval.

Premier Bank has several locations in the Valley.

The boards of both banks have agreed to the terms of the merger, which includes a $959 million exchange of Premier stock. The merger is expected to qualify as a tax-free reorganization.

The merger is expected to be complete by the first quarter of 2025.

The combined company would be the eighth-largest bank in Ohio, based on deposit share, and will expand the financial institution’s footprint in Indiana and serve customers in nine states.

WeBanco is raising capital to complete the merger and is expected to have the money by August 1.

Four members of Premier’s current Board of Directors will be appointed to WesBanco’s Board of Directors.

In April 2022, Home Savings Bank and First Federal merged to become Premier Bank which prompted the sign change on the iconic “Home Savings” building in downtown Youngstown.

Premier Bank announced in April that it was closing its location in East Liverpool due to an evaluation of branch network traffic, customer demand and other market changes.

“We can be the bank you use instead of one of the number of banks you might use because that larger size is going to allow us to take on opportunities are bigger than we’ve been taking in the past,” President and CEO of Premier Gary Small said.

The agreement has been approved by the board of directors of both companies.

The merger is expected to close before March after getting the necessary regulatory approvals.

Dave Sess contributed to this report.

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