The Federal Deposit Insurance Corporation (FDIC) approved a Bank Merger Act application from WesBanco Bank, Inc., Wheeling, West Virginia, to acquire and merge with Premier Bank, Youngstown, Ohio. The resulting bank will operate under the name WesBanco Bank, Inc. across West Virginia, Indiana, Kentucky, Maryland, Michigan, Pennsylvania, and Ohio. In reviewing the application, the FDIC assessed statutory factors including competitive effects, financial and managerial resources and future prospects, the convenience and needs of the communities to be served, risks to U.S. financial stability, and the institutions’ anti-money laundering records. The agency found favorably on these factors and on additional requirements applicable to the transaction as an interstate merger under section 44 of the Federal Deposit Insurance Act. The merger cannot be consummated until all required approvals, exemptions, and or non-objections are obtained from relevant federal and state regulatory authorities. The release also noted that improving the bank merger approval process is a high priority for the FDIC going forward.
Federal Deposit Insurance Corporation 2025-01-24
Federal Deposit Insurance Corporation approves WesBanco Bank merger with Premier Bank
The Federal Deposit Insurance Corporation (FDIC) approved WesBanco Bank, Inc.'s application to merge with Premier Bank, with the combined entity operating under the WesBanco name across multiple states. The FDIC's review considered competitive effects, financial resources, community needs, financial stability risks, and anti-money laundering records, finding favorably on these factors. The merger awaits further regulatory approvals, with the FDIC prioritizing improvements in the bank merger process.