Two US banks approved to merge

January 25, 2025 — The Federal Deposit Insurance Corporation (FDIC) in the United States has officially approved WesBanco Bank, Inc.'s application to acquire and merge with Premier Bank.

Founded in 1870, WesBanco, Inc. is a diversified financial services company in the USA, with a community bank at its core.This merger, which brings together two prominent banking institutions, is poised to strengthen WesBanco's operations across multiple states in the US, including West Virginia, Indiana, Kentucky, Maryland, Michigan, Pennsylvania, and Ohio.

The resulting institution will continue to operate under the name WesBanco Bank, Inc., creating a larger entity equipped to serve an expanded customer base in the region. This strategic move is anticipated to enhance the financial services offered to local communities while also improving competitive dynamics within the banking industry.

In reaching its decision, the FDIC evaluated the merger according to various statutory factors mandated by the Bank Merger Act (BMA), including the competitive effects of the transaction, the financial and managerial resources of both banks, and the convenience and needs of the communities involved. The agency also considered the potential risks to the stability of the U.S. financial system and the anti-money laundering records of the banks. Following a thorough review, the FDIC expressed satisfaction with all assessed factors, including additional requirements relevant to the interstate merger under section 44 of the Federal Deposit Insurance (FDI) Act.

However, the transaction will not be finalized until WesBanco obtains all necessary approvals, exemptions, and/or non-objections from pertinent federal and state regulatory authorities.

WesBanco's acquisition is part of a broader trend in the banking sector as institutions seek to consolidate resources and expand their geographical footprint. This merger is indicative of the growing dynamics in the industry, which have garnered attention from regulators and policymakers.

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