PARKERSBURG, W.Va. — WesBanco has completed the acquisition of a Pennsylvania bank that will increase its presence in the Pittsburgh markets, officials announced.
WesBanco, based in Wheeling with local branches in the Parkersburg area, in October said it will acquire ESB Financial Corp. of Ellwood City, Pa. Consummation of the deal and the appointment of two directors to the WesBanco board of directors was announced on Tuesday.
“We’re now in the top 10 in the market share in Pittsburgh,” said Joe Campbell, WesBanco market president in Parkersburg.
The acquisition increased WesBanco’s assets by about a third, according to Campbell. ESB had about $1.9 billion in assets and WesBanco was at $6.4 billion before the merger, he said.
The merger has been approved by regulatory agencies. Under the agreement, ESB shareholders will receive 0.502 of a share of WesBanco common stock and $1.76 for each share of ESB common stock.
WesBanco also added to its board Charlotte A. Zuschlag from the board of directors of ESB and Ronald W. Owen from the board of directors of ESB Bank.
“With the acquisition of ESB, WesBanco has become a top 10 player in the Pittsburgh market,” Todd F. Clossin, president and chief executive officer of WesBanco, said.
The bank will provide a broader array of banking services, including expanded commercial and mortgage lending capabilities, trust and wealth management services, to customers of ESB, Clossin said.
“We are thrilled to join the WesBanco team,” said Charlotte A. Zuschlag, former president and chief executive officer of ESB and ESB Bank. “With this merger, we have built upon our community banking heritage while providing enhanced strength, size and stability for our customers and the communities we serve.”
Offices of the former ESB Bank will continue to operate under the ESB Bank name until late April, at which time they will transition to WesBanco Bank with the data processing conversion.
ESB customers conduct regular banking transactions at ESB banking locations.
The WesBanco partnership with STARsf/Allpoint ATM Network will provide, surcharge-free, WesBanco ATM/Debit card acceptance in more than 43,000 ATMs worldwide. STARsf/Allpoint ATMs are also found in local, regional and national retail merchants across all 50 states, as well as globally with ATMs in Puerto Rico, Australia, Mexico and the United Kingdom.
It is anticipated that ESB customers will be provided with this increased ATM access in late April.
Local customers will benefit from the merger, too, Campbell said.
ESB has a substantial portfolio in municipal loans, he said.
The merger with ESB creates a multi-state bank holding company of $8.3 billion in assets and expands the WesBanco franchise in the western Pennsylvania region. Banking services will be provided through 143 locations and 128 ATMs in West Virginia, Ohio and Pennsylvania.
ESB operated 23 banking offices in western Pennsylvania.
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