WHEELING, W.Va., Aug. 20, 2018 /PRNewswire/ -- WesBanco, Inc.
(NASDAQ: WSBC) ("WesBanco"), a diversified, multi-state bank
holding company, and Farmers Capital Bank Corporation ("Farmers")
(NASDAQ: FFKT), a bank holding company with total assets of
approximately $1.6 billion and
headquartered in Frankfort, KY,
jointly announced today the consummation of WesBanco's acquisition
of Farmers, and the appointment of Michael
J. Crawford, a former Farmers director, to the WesBanco
board of directors. Todd F.
Clossin, President and Chief Executive Officer, of WesBanco
and Lloyd C. Hillard, Jr., President
and Chief Executive Officer, of Farmers made the joint
announcement.
The merger, announced on April 19,
2018, received all appropriate regulatory agency approvals,
and, on July 23, 2018, was approved
by the shareholders of Farmers. Under the terms of the
Agreement and Plan of Merger, 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. In addition, Mr. Hillard will become
Chairman of the Central and Southern Kentucky Market Advisory Board
for WesBanco, which will be comprised of all other Farmers board
members, to help ensure a smooth transition in the local
market.
Todd Clossin stated, "We are
pleased to welcome the customers and employees of Farmers, and its
banking affiliate United Bank & Capital Trust Company ('United
Bank'), 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 ten 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, as
we build on the solid platform that has been created, while
maintaining a strong commitment to client service and community
banking."
"We are excited to join the WesBanco team, and become an
integral part of its nearly 150 year history as a community bank,"
said Lloyd Hillard, Jr. "WesBanco's
extensive experience as a diversified and well-balanced financial
institution and demonstrated track record of merger integration and
commitment to the communities it serves will greatly benefit our
customers and employees."
R. Terry Bennett, Chairman of the
Board of Farmers, added, "We welcome WesBanco as our new partner,
as we will be in a much stronger position to deliver additional
value to our communities."
James C. Gardill, Chairman of the
Board of WesBanco, stated, "I share Todd's comments in welcoming
the employees and customers of Farmers and United Bank into the
WesBanco family. This is a strategic partnership that adds
key market share in excellent markets while combining similar
cultures of community banking focus."
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, United Bank customers will continue to conduct
their regular banking transactions at United Bank's former banking
locations.
WesBanco's merger with Farmers significantly expands WesBanco's
existing franchise within Kentucky
and bridges the gap between its existing Southern Indiana/Kentucky and Southeast Ohio/Huntington, West Virginia markets.
Furthermore, the merger creates a multi-state bank holding company
of approximately $12.8 billion in
total assets providing banking and wealth management services,
including approximately $4.5 billion
in assets under management, through 211 financial centers in
Indiana, Kentucky, Ohio, Pennsylvania, and West Virginia. Prior
to the merger with WesBanco, Farmers operated 34 branches across
Kentucky.
About WesBanco, Inc.
Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a
multi-state, bank holding company with total assets of
approximately $10.9 billion (as of
June 30, 2018). WesBanco is a
diversified and well-balanced financial services institution, with
a community bank at its core, built upon a strong legacy of credit
and risk management. WesBanco has meaningful market share
across its key geographies maintained by its commitment to
dedicated customer service and solid fee-based businesses. It also
provides wealth management services through a century-old trust and
wealth management business, with approximately $4.0 billion of assets under management (as of
June 30, 2018), and serves as
registered investment advisor to a proprietary mutual fund family,
the WesMark Funds. WesBanco's banking subsidiary, WesBanco
Bank, Inc., operates 211 financial centers (including the locations
of Farmers Capital Bank Corporation) in the states of Indiana, Kentucky, Ohio, Pennsylvania, and West Virginia. In
addition, WesBanco operates an insurance agency, WesBanco Insurance
Services, Inc., and a full service broker/dealer, WesBanco
Securities, Inc.
Forward-looking Statements
Matters set forth in this filing contain certain forward-looking
statements, including certain plans, expectations, goals, and
projections, and including statements about the benefits of the
merger between WesBanco and Farmers, which are subject to numerous
assumptions, risks, and uncertainties. Actual results could differ
materially from those contained or implied by such statements for a
variety of factors including: the businesses of WesBanco and
Farmers may not be integrated successfully or such integration may
take longer to accomplish than expected; the expected cost savings
and any revenue synergies from the merger may not be fully realized
within the expected timeframes; disruption from the merger
may make it more difficult to maintain relationships with clients,
associates, or suppliers; changes in economic conditions;
movements in interest rates; competitive pressures on product
pricing and services; success and timing of other business
strategies; the nature, extent, and timing of governmental actions
and reforms; and extended disruption of vital infrastructure; and
other factors described in WesBanco's 2017 Annual Report on Form
10-K, and documents subsequently filed by WesBanco with the
Securities and Exchange Commission, including Forms 10-Q for the
periods ending March 31 and
June 30, 2018. All forward-looking
statements included in this filing are based on information
available at the time of the release. Neither WesBanco nor
Farmers assumes any obligation to update any forward-looking
statement.
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SOURCE WesBanco, Inc.