In a $959 million all-stock transaction, Defiance-based Premier Bank has been acquired by WesBanco, Inc., a West Virginia financial institution that operates about 200 branches in West Virginia, Ohio, Pennsylvania, Kentucky, Maryland, and Indiana.
Premier Bank shareholders will receive 0.8 WesBanco shares per Premier share in the deal.
The combined banking companies will hold $27 billion in assets and constitute the eighth largest bank in Ohio measured by deposit market share. The acquisition will add Michigan, Tennessee, Virginia, and West Virginia to the list of states now served by Premier, which currently has about 70 branches.
Locally, Premier Bank operates on Cherry Street in Toledo, on Dussel Drive in Maumee, on Monroe Street in Sylvania, on Louisiana Avenue in Perrysburg, and on Navarre Avenue in Oregon.
In connection with the acquisition, four members of Premier Bank’s board of directors, Zahid Afzal, John Bookmyer, Louis Altman and Lee Burdman, will join WesBanco’s board.
“We are thrilled to announce the successful completion of this acquisition, which brings together two strong, community-focused institutions to create an even more dynamic regional bank well-positioned to support our customers’ unique financial journeys across their consumer, commercial and wealth management needs,” said Jeff Jackson, WesBanco’s president and chief executive.
Existing Premier Bank branches will continue to operate under that name through mid-May, after which all locations of the combined bank will be branded as WesBanco.
Premier Bank was founded in 1889 as the First Federal Savings and Loan Association of Defiance. In 2000, it was renamed as First Federal Bank of the Midwest. In January 2020, the bank merged with United Community Financial Corp. The newly combined enterprise changed its name again to Premier Bank.
WesBanco also traces its roots to the 19th century. Founded in 1870 as The German Bank, the company underwent several name changes before settling on WesBanco in 1968. Beginning in the early 1990s, the company began acquiring other financial institutions in Ohio, Pennsylvania, Indiana, West Virginia, and Maryland.
First Published March 2, 2025, 6:18 p.m.
