Shareholders of WesBanco have approved the issuance of shares of WesBanco common stock in connection with the previously announced agreement and plan of merger pursuant to which ESB Financial will merge with and into WesBanco.
In a separate vote, shareholders of ESB adopted the Agreement and Plan of Merger thereby approving the merger.
The merger is expected to be completed after receipt of all required regulatory approvals which is anticipated to be in the first quarter of 2015.
Todd F. Clossin, President and Chief Executive Officer of WesBanco, stated, "With the acquisition of ESB, WesBanco will become a top 10 player in the Pittsburgh market. We believe we can provide customers of ESB with a broader array of banking services, including expanded commercial and mortgage lending capabilities as well as trust and wealth management services. We are also excited about working with the experienced and successful employees of ESB."
"We look forward to joining the WesBanco team," said Charlotte A. Zuschlag, President and Chief Executive Officer of ESB and ESB Bank. "With this merger, we will build on our community banking heritage while providing enhanced strength, size and stability for our customers and the communities we serve."
Under the terms of the Agreement and Plan of Merger, each share of common stock of ESB outstanding immediately prior to the effective time of the merger will be converted into the right to receive 0.502 of a share of common stock of WesBanco and $1.76 in cash.
When the transaction is consummated, the combination of the two banking companies will create a bank with approximately $8.3 billion in total assets providing banking services through 143 branch locations and 130 ATM’s in three states.