US based Fidelity Bancorp’s shareholders have approved the agreement and plan of merger with WesBanco, which is expected to close on 30 November 2012.
As per terms of the agreement, Fidelity’s shareholders will receive 0.8275 shares of WesBanco common stock and $4.50 in cash for each share of Fidelity common stock held.
A non-binding advisory resolution in connection with the compensation payable to executive officers for the merger has also been approved by the shareholders.
Investment advisors namely, Macquarie Capital (USA) and Mufson Howe Hunter & Company represented WesBanco and Fidelity in the transaction respectively.
Legal representations for both parties were from Phillips Gardill Kaiser & Altmeyer, K&L Gates and Spidi & Fisch.
Fidelity Bancorp is the holding company for Fidelity Bank, a Pennsylvania-chartered, FDIC-insured savings bank, which provides financial products and services through 13 offices in US.
Headquartered in Wheeling, WesBanco’s banking subsidiary WesBanco Bank, manages 111 banking offices in the states of West Virginia, Ohio and Pennsylvania.