WesBanco completed its acquisition of Huntington, WV-based First Sentry Bancshares. WesBanco also appointed First Sentry’s former president and CEO Geoffrey Sheils market president for Huntington and the surrounding area.
The previously announced merger was approved by all appropriate regulatory agencies, as well as by shareholders of First Sentry. Under the merger agreement, First Sentry’s shareholders will receive 1.5869 shares of WesBanco for each share of First Sentry common stock held.
First Sentry’s chairman of the board, Robert H. Beymer, will become chairman of the Huntington market advisory board for WesBanco, which will be comprised of the First Sentry board members to help ensure a smooth transition in the local market.
Todd Clossin, president and CEO of WesBanco, said, “We are pleased to welcome the customers and employees of First Sentry to the WesBanco family. We look forward to providing our newest customers with a broader array of banking services, including expanded commercial and mortgage lending capabilities as well as trust and wealth management services. This merger fits perfectly with our strategic growth plans as it combines two institutions with solid credit quality and a strong focus on client service and community banking.”
Former branches of First Sentry Bank will continue to operate under the First Sentry name until later in the summer of 2018, when they will be transitioned to WesBanco Bank in conjunction with the data processing and signage conversion. Subsequent to the conversion date, First Sentry customers will be able to continue their regular banking transactions at First Sentry’s former banking locations.
The merger enhances WesBanco’s total assets by approximately $0.8 billion and adds five branches in West Virginia to the company’s financial centers.
