WesBanco completed its acquisition of Frankfort, KY-based Farmers Capital Bank. Michael J. Crawford, a former Farmers director, was concurrently appointed to the WesBanco board of directors.
The merger received all appropriate regulatory agency approvals and, on July 23, 2018, was approved by the shareholders of Farmers. Under the terms of the merger agreement, Farmers shareholders will receive 1.053 shares of WesBanco common stock and cash in the amount of $5.00 for each share of Farmers common stock held. The merger creates a multi-state bank holding company of approximately $12.8 billion in total assets.
In order to ensure a smooth transition in the local market, Lloyd C. Hillard, Jr., president and CEO of Farmers, will become chairman of the Central and Southern Kentucky Market Advisory Board for WesBanco, which will be comprised of all other Farmers board members.
Todd Clossin, president and CEO of WesBanco, stated, “We are pleased to welcome the customers and employees of Farmers and its banking affiliate United Bank & Capital Trust Company to the WesBanco family. I am excited about our opportunities in Kentucky, as we have grown from not having a presence two years ago to now being a top 10 financial institution in the state. We look forward to providing our newest customers with a broader array of banking services, including expanded commercial and mortgage lending capabilities and enhanced trust and wealth management services.”
Former branches of United Bank will continue to operate under the United Bank name until the data conversion, when they will be transitioned to WesBanco Bank in conjunction with the data processing and signage conversion. Subsequent to the conversion date, customers will continue to conduct their regular banking transactions at United Bank’s former banking locations.
