Multi-state bank holding company WesBanco has completed its $378.2m merger with Farmers Capital Bank.
Following the completion of the transaction, former Farmers director Michael Crawford has been inducted into the WesBanco board of directors.
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The merger saw all Farmers shareholders receiving 1.053 shares of WesBanco common stock. Along with this was $5 in cash, valuing the merger at $378.2m.
WesBanco president and CEO Todd Clossin said: “I am excited about our opportunities in Kentucky, as we have grown from not having a presence two years ago to now being a top ten financial institution in the state.
“We look forward to providing our newest customers with a broader array of banking services. This includes expanded commercial and mortgage lending capabilities and enhanced trust and wealth management services, as we build on the solid platform that has been created while maintaining a strong commitment to client service and community banking.”
All former branches of United Bank, a subsidiary of the Farmers Capital Bank, will have no changes in operations immediately.
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By GlobalDataPrior to transition to WesBanco Bank, United Bank operations will undergo data conversion.
The new WesBanco-Farmers Capital Bank merger creates a multi-state bank holding company with $12.8bn in total assets. It will have 211 financial centres across the states of Indiana, Kentucky, Ohio, Pennsylvania and West Virginia.
Farmers president and CEO Lloyd Hillard, Jr. said: “We are excited to join the WesBanco team, and become an integral part of its nearly 150 year history as a community bank.
“WesBanco’s extensive experience as a diversified and well-balanced financial institution and demonstrated track record of merger integration and commitment to the communities it serves will greatly benefit our customers and employees.”
