WesBanco, Inc. (Nasdaq: WSBC), a diversified, multi-state bank holding company, and First Sentry Bancshares, Inc. (OTC Pink: FTSB), a bank holding company with total assets of approximately $0.8 billion and headquartered in Huntington, WV, jointly announced today the consummation of WesBanco's acquisition of First Sentry, as well as the appointment of Geoffrey Sheils as WesBanco's Market President for Huntington and the surrounding area. Todd F. Clossin, President and Chief Executive Officer, of WesBanco and Geoffrey S. Sheils, President and Chief Executive Officer of First Sentry, made the joint announcement.
The merger, which was previously announced on November 13, 2017, was approved by all appropriate regulatory agencies, and, on February 9, 2018, by the shareholders of First Sentry. Under the terms of the Agreement and Plan of Merger, First Sentry's shareholders are to receive 1.5869 shares of WesBanco for each share of First Sentry common stock held. In addition, First Sentry's Chairman of the Board, Robert H. Beymer, will become Chairman of the Huntington market advisory board for WesBanco, which will be comprised of the First Sentry board members to help ensure a smooth transition in the local market.
Todd Clossin, President and Chief Executive Officer of WesBanco, stated, "We are pleased to welcome the customers and employees of First Sentry to the WesBanco family. We look forward to providing our newest customers with a broader array of banking services, including expanded commercial and mortgage lending capabilities as well as trust and wealth management services. This merger fits perfectly with our strategic growth plans as it combines two institutions with solid credit quality and a strong focus on client service and community banking."
"We are excited to become part of the team at WesBanco, and believe this partnership will benefit our customers and community," said Geoffrey Sheils, former President and Chief Executive Officer of First Sentry Bancshares and WesBanco's new Market President. "This merger provides our customers with enhanced products and services that have long been strengths of WesBanco, as well as new and expanded opportunities for our employees. WesBanco's nearly 150 year history of demonstrated success as a community bank makes WesBanco the ideal partner for First Sentry."
Robert H. Beymer, Chairman of the Board of First Sentry Bancshares, added, "We welcome WesBanco as our new partner in the community, and look forward to the additional resources and services which will greatly benefit our clients, employees, and community."
Former branches of First Sentry Bank will continue to operate under the First Sentry Bank name until later in the summer of 2018, when they will be transitioned to WesBanco Bank in conjunction with the data processing and signage conversion. Subsequent to the conversion date, First Sentry customers will continue to conduct their regular banking transactions at First Sentry Bank's former banking locations.
WesBanco's merger with First Sentry, which enhances WesBanco's position in the attractive Huntington, WV MSA and bridges its existing Charleston, WV and southeastern Ohio markets, creates a multi-state bank holding company of approximately $10.6 billion in total assets providing banking and wealth management services through 177 financial centers in Indiana, Kentucky, Ohio, Pennsylvania, and West Virginia. Prior to the merger with WesBanco, First Sentry operated five branches in West Virginia.
About WesBanco, Inc.
Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a multi-state, bank holding company with total assets of approximately $9.8 billion (as of December 31, 2017). WesBanco is a diversified and well-balanced financial services institution, with a community bank at its core, built upon a strong legacy of credit and risk management. WesBanco has meaningful market share across its key geographies maintained by its commitment to dedicated customer service and solid fee-based businesses. It also provides wealth management services through a century-old trust and wealth management business, with approximately $3.9 billion of assets under management (as of December 31, 2017), and serves as registered investment advisor to a proprietary mutual fund family, the WesMark Funds. WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 172 financial centers in the states of Indiana, Kentucky, Ohio, Pennsylvania, and West Virginia. In addition, WesBanco operates an insurance agency, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.
