WHEELING, W.Va., and
ELLWOOD CITY, Pa., Feb. 10, 2015 /PRNewswire/ -- WesBanco, Inc.
("WesBanco") (NASDAQ Global Select Market: WSBC), a multi-state
bank holding company headquartered in Wheeling, West Virginia, and ESB Financial
Corporation ("ESB") (NASDAQ Global Select Market: ESBF),
headquartered in Ellwood City,
Pennsylvania, jointly announced today the consummation of
WesBanco's acquisition of ESB and the appointment of two directors
to the WesBanco board of directors ("Board"). Todd F.
Clossin, President and Chief Executive Officer, of WesBanco and
Charlotte A. Zuschlag, President and
Chief Executive Officer of ESB, made the joint announcement.
The merger, which was previously announced on October 29, 2014, was approved by all appropriate
regulatory agencies, and, on January 22,
2015, by the shareholders of ESB. In addition,
the issuance of shares of WesBanco common stock in connection with
the merger was approved by shareholders of WesBanco on January 22, 2015. Under the terms of the
Agreement and Plan of Merger, ESB's shareholders will receive 0.502
of a share of WesBanco common stock and $1.76 in cash for each share of ESB common stock
held. As a result of the merger, WesBanco added
Charlotte A. Zuschlag from the board
of directors of ESB and Ronald W.
Owen from the board of directors of ESB Bank, to the
WesBanco Board.
Todd F. Clossin, President and
Chief Executive Officer of WesBanco, stated, "With the acquisition
of ESB, WesBanco has become a top 10 player in the Pittsburgh market. We believe we can provide
customers of ESB with a broader array of banking services,
including expanded commercial and mortgage lending capabilities as
well as trust and wealth management services. We are also
excited about working with the experienced and successful employees
of ESB."
"We are thrilled to join the WesBanco team," said Charlotte A. Zuschlag, former President and
Chief Executive Officer of ESB and ESB Bank. "With this merger, we
have built upon our community banking heritage while providing
enhanced strength, size and stability for our customers and the
communities we serve."
Former offices of ESB Bank will continue to operate under the
ESB Bank name until late April of 2015, when they will be
transitioned to WesBanco Bank in conjunction with the expected data
processing conversion. Subsequent to the conversion
date, ESB customers will continue to conduct their regular banking
transactions at ESB's banking locations. WesBanco's
partnership with STARsf/Allpoint ATM Network will provide WesBanco
ATM/Debit card acceptance in more than 43,000 ATMs worldwide -
surcharge free. STARsf/Allpoint ATMs are also found in local,
regional and national retail merchants across all 50 states, as
well as globally with ATMs in Puerto
Rico, Australia,
Mexico and the United
Kingdom. It is anticipated that ESB customers will be
provided with this increased ATM access in late April of 2015.
WesBanco's merger with ESB creates a multi-state bank holding
company of approximately $8.3 billion
in total assets providing banking services through 143 locations
and 128 ATMs in West Virginia,
Ohio and Pennsylvania. The transaction further expands
WesBanco's franchise in the western Pennsylvania region. Prior to the merger with
WesBanco, ESB operated 23 banking offices located in western
Pennsylvania. WesBanco's banking subsidiary is WesBanco
Bank, Inc., headquartered in Wheeling,
West Virginia. In addition, WesBanco operates an insurance
brokerage company, WesBanco Insurance Services, Inc., and a full
service broker/dealer, WesBanco Securities, Inc.
Forward-looking Statements:
This press release contains certain forward-looking statements,
including certain plans, expectations, goals, and projections, and
including statements about the benefits of the merger between
WesBanco and ESB, which are subject to numerous assumptions, risks,
and uncertainties. Actual results could differ materially from
those contained or implied by such statements for a variety of
factors including: the businesses of WesBanco and ESB 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 may not be fully realized within the
expected timeframes; disruption from the merger may make it more
difficult to maintain relationships with clients, associates, or
suppliers; the required governmental approvals of the merger may
not be obtained on the proposed terms and schedule; changes in
economic conditions; movements in interest rates; competitive
pressures on product pricing and services; success and timing of
other business strategies; the nature, extent, and timing of
governmental actions and reforms; and extended disruption of vital
infrastructure; and other factors described in WesBanco's 2013
Annual Report on Form 10-K, ESB's 2013 Annual Report on Form 10-K,
and documents subsequently filed by WesBanco and ESB with the
Securities and Exchange Commission, including both companies' Form
10-Qs as of March 31, June 30, and September 30,
2014. All forward-looking statements included in this news
release are based on information available at the time of the
release. WesBanco assumes no obligation to update any
forward-looking statement.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/wesbanco-inc-consummates-merger-with-esb-financial-corporation-and-appoints-directors-300034106.html
SOURCE WesBanco, Inc.