WHEELING, W.Va., Sept. 9, 2016 /PRNewswire/ -- WesBanco, Inc.
(Nasdaq: WSBC) ("WesBanco"), a multi-state bank holding company
with total assets of approximately $8.4
billion, and Your Community Bankshares, Inc. (Nasdaq:YCB)
("Your Community"), a bank holding company with total assets of
approximately $1.5 billion and
headquartered in New Albany, IN,
jointly announced today the consummation of WesBanco's acquisition
of Your Community and the appointment of two former Your Community
directors to the WesBanco board of directors. Todd F. Clossin, President and Chief Executive
Officer, of WesBanco and James D.
Rickard, President and Chief Executive Officer of Your
Community, made the joint announcement.
The merger, which was previously announced on May 3, 2016, was approved by all appropriate
regulatory agencies, and, on August 19,
2016, by the shareholders of Your Community. Under the terms
of the Agreement and Plan of Merger, Your Community's shareholders
are to receive 0.964 of a share of WesBanco common stock and
$7.70 in cash for each share of YCB
common stock held. As a result of the merger, WesBanco added
Gary L. Libs and Kerry M. Stemler from the board of directors of
Your Community to the WesBanco Board.
Todd Clossin, President and Chief
Executive Officer of WesBanco, stated, "we are pleased to welcome
the customers and employees of Your Community to the WesBanco
family. Through our experience as a diversified and well-balanced
financial services institution with a strong community bank at its
core, we will be able to provide our newest markets and customers
with a broader array of banking services, including expanded
commercial and mortgage lending capabilities as well as trust and
wealth management services. Furthermore, the acquisition of Your
Community meshes perfectly with our strategic growth plans as it
brings together two high-quality institutions with disciplined risk
cultures and strong customer focus, and expands our footprint into
new, high-growth markets with great demographics."
"We are excited to become part of the team at WesBanco," said
Jim Rickard, former President and
Chief Executive Officer of Your Community Bankshares and WesBanco's
new Market President for Kentucky
and Southern Indiana. "This merger
will provide an enhanced commitment to our customers through
additional products and services that have long been strengths of
WesBanco, in addition to WesBanco's demonstrated track record of
merger integration and commitment to the communities it
serves."
Former offices of Your Community Bank will continue to operate
under the Your Community Bank name until approximately early
November of 2016, when they will be transitioned to WesBanco Bank
in conjunction with the expected data processing and branch signage
conversion. Subsequent to the conversion date, Your Community
customers will continue to conduct their regular banking
transactions at Your Community Bank's former banking locations.
WesBanco's partnership with STARsf/Allpoint ATM Network will
provide WesBanco ATM/Debit card acceptance in more than 43,000 ATMs
worldwide – surcharge free. It is anticipated that Your Community
customers will be provided with this increased ATM access in early
November of 2016.
WesBanco's merger with Your Community creates a multi-state bank
holding company of approximately $9.9
billion in total assets providing banking services through
173 financial centers in Indiana,
Kentucky, Ohio, Pennsylvania, and West Virginia. Prior to the merger with
WesBanco, Your Community operated 33 banking offices located in
Southern Indiana and Kentucky.
About WesBanco, Inc.
Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a
multi-state, bank holding company with total assets of
approximately $9.9 billion, as a
result of the merger (based on data as of June 30, 2016). 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 more than $3
billion of assets under management, and serves as registered
investment advisor to a proprietary mutual fund family, the WesMark
Funds. WesBanco's banking subsidiary, WesBanco Bank, Inc.,
now operates 173 financial centers 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 Your Community, 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 Your Community 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 2015
Annual Report on Form 10-K, Your Community's 2015 Annual Report on
Form 10-K, and documents subsequently filed by WesBanco and Your
Community with the Securities and Exchange Commission, including
Forms 10-Q for the periods ending March 31,
2016 and June 30, 2016. All
forward-looking statements included in this filing are based on
information available at the time of the release. Neither
WesBanco nor Your Community assumes any obligation to update any
forward-looking statement.
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SOURCE WesBanco, Inc.