WHEELING, W.Va., Aug. 31 /PRNewswire-FirstCall/ -- WesBanco, Inc.
("WesBanco") (Nasdaq: WSBC), a multi-state bank holding company headquartered
in Wheeling, West Virginia, and Western Ohio Financial Corporation ("Western
Ohio") (Nasdaq: WOFC), Springfield, Ohio, jointly announced today the
consummation of WesBanco's acquisition of Western Ohio and the merger of
Western Ohio's affiliate, Cornerstone Bank, with and into WesBanco affiliate,
WesBanco Bank, Inc. The joint announcement of the transactions was made by
Paul M. Limbert, President and CEO of WesBanco and John W. Raisbeck, President
and CEO of Western Ohio.
The merger, which was previously announced on April 1, 2004, and approved
by both the Federal Reserve Bank of Cleveland and the West Virginia Division
of Banking, was approved on August 17, 2004 by Western Ohio's shareholders.
Under the terms of the Definitive Agreement and Plan of Merger, WesBanco will
exchange a combination of its common stock and cash for Western Ohio common
stock.
Cornerstone's name will be changed to WesBanco Bank - Springfield/Dayton
on September 23, 2004, the same day as the scheduled data processing
conversion. Subsequent to the conversion date, Cornerstone Bank customers
will be able to conduct banking transactions at all of WesBanco's banking
locations.
WesBanco's merger with Western Ohio creates a single bank holding company
with total assets in excess of $3.9 billion and 80 banking offices in West
Virginia, Ohio and Pennsylvania.
On August 25, 2004WesBanco executed a definitive Agreement and Plan of
Merger with Winton Financial Corporation, parent company of The Winton Savings
& Loan Co., Cincinnati, Ohio. It is expected that the transaction will be
completed in the first quarter of 2005 and will create a bank with
approximately $4.5 billion in total assets providing banking services through
87 banking locations.
WesBanco is a multi-state bank holding company that now operates through
banking offices in West Virginia, Ohio and Pennsylvania. Its banking
subsidiary is WesBanco Bank, Inc., headquartered in Wheeling, West Virginia.
In addition, WesBanco operates an insurance company, WesBanco Insurance
Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.
that also operates Mountaineer Securities, WesBanco's discount brokerage
operation.
SOURCE WesBanco, Inc.
-0- 08/31/2004
/CONTACT: Paul M. Limbert, President and CEO of WesBanco, Inc.,
+1-304-234-9000; or John W. Raisbeck, President and CEO of Western Ohio
Financial Corporation, +1-937-327-1112/
(WSBC WOFC)
CO: WesBanco, Inc.; Western Ohio Financial Corporation; Federal Reserve Bank
of Cleveland; West Virginia Division of Banking; Cornerstone Bank;
WesBanco Bank - Springfield/Dayton
ST: West Virginia
IN: FIN
SU: TNM
MM-JK
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9846 08/31/200416:28 EDThttp://www.prnewswire.com