The Wheeling, West Virginia-based WesBanco Inc. has agreed to acquire Premier Financial Corp. in Defiance, Ohio, in an all-stock transaction valued at $959 million.
WesBanco is also raising $200 million of capital from several investor groups, including Wellington Management, Glendon Capital Management and Klaros Capital. Wellington is investing $125 million. When the deal is completed, Premier shareholders will own 30% of the merged company. Participants in the capital raise will own 8%.

Thomas A Gilson
The pending deal for the $8.8 billion-asset Premier would be WesBanco’s largest-ever acquisition. The merged company would hold $27 billion in assets and rank as the eight–largest bank in Ohio by deposit market share.
“This transformative merger will bring together two high-caliber institutions to create a community-focused, regional financial services partner strongly positioned to serve the unique needs of both our new and legacy communities,” WesBanco CEO Jeff Jackson said Friday in a press release.
WesBanco expects the transaction to be more than 40% accretive to 2025 earnings. Tangible book value dilution is projected at 13% with an earn-back period of just under three years.
WesBanco has a history of dealmaking, acquiring 20 banks since 1991. Its last purchase came in 2019, when it paid $489 million to acquire Old Line Bancshares of Bowie, Maryland.
This is a developing story. Check back for updates.