Press Release: FDIC Approves Merger Application for WesBanco Bank, Inc., Wheeling, West Virginia
PRESS RELEASE | JANUARY 24, 2025
FDIC Approves Merger
Application for WesBanco Bank, Inc., Wheeling, West
Virginia
WASHINGTON — The Federal Deposit Insurance Corporation
(FDIC) approved a Bank Merger Act (BMA) application submitted by
WesBanco Bank, Inc., Wheeling, West Virginia, to acquire and merge
with Premier Bank, Youngstown, Ohio. The resulting bank will operate
in West Virginia, Indiana, Kentucky, Maryland, Michigan, Pennsylvania,
and Ohio, and will operate under the name, WesBanco Bank,
Inc.
When reviewing applications pursuant to the requirements
of the BMA, the FDIC considers certain statutory factors, including
the competitive effects of the transaction, the financial and
managerial resources and future prospects of the existing and proposed
institutions, the convenience and needs of the communities to be
served, the risk to the stability of the U.S. banking or financial
system, and the anti-money laundering records of the institutions
involved. The FDIC found favorably on those factors as well as
additional requirements applicable to the transaction as an interstate
merger under section 44 of the Federal Deposit Insurance (FDI)
Act.
The transaction shall not be consummated until all
necessary approvals, exemptions, and/or non-objections have been
obtained from all relevant federal and state regulatory
authorities.
As noted by FDIC Acting Chairman Travis Hill
earlier this week, improving the bank merger approval process is a
high priority for the agency going forward.
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