WesBanco slides after $959 mln deal to buy lender Premier Financial

Wesbanco

26/07/2024 16:40

** Shares of regional lender WesBanco  WSBC.O  fall as much
as 9.5%, last down 6.7% at $32
    ** WSBC to buy Ohio-based community bank Premier Financial
 PFC.O  in all-stock deal worth $959 mln
    ** The acquisition will create combined lender with $27 bln
in assets
    ** The deal, expected to close in Q1 2025, will bolster
WSBC's presence in Ohio, Michigan and Indiana
    ** PFC shareholders will receive 0.80 of a WSBC share for
each share of Premier they own     
    ** Brokerage Stephens says near-term acquisition for WSBC
was anticipated, but the target asset's size and geography were
bit surprising 
    ** WSBC is raising $200 mln in capital to support the
acquisition, led by a $125 mln commitment from investment
management firm Wellington Management
    ** WSBC's Q2 adj. profit of 44 cents/shr missed est. of 53
cents/shr - LSEG data
    ** Including session moves, WSBC shares up 2.3% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))