WHEELING, W.Va., Nov. 30 /PRNewswire-FirstCall/ -- WesBanco, Inc.
("WesBanco") (Nasdaq: WSBC), a multi-state bank holding company headquartered
in Wheeling, West Virginia and Oak Hill Financial, Inc. ("Oak Hill")
(Nasdaq: OAKF), headquartered in Jackson, Ohio, jointly announced today the
consummation of WesBanco's acquisition of Oak Hill. James C. Gardill, Chairman
of the Board, and Paul M. Limbert, President & CEO, of WesBanco and John D.
Kidd, Chairman of the Board, and Ralph E. Coffman, Jr., President & CEO, of
Oak Hill, made the joint announcement.
The merger, which was previously announced on July 20, 2007 and approved
by the appropriate regulatory agencies, was approved on November 16, 2007 by
the shareholders of each company. Under the terms of the Agreement and Plan of
Merger, WesBanco will exchange a combination of its common stock and cash for
Oak Hill common stock.
As a result of the merger, WesBanco will add four individuals to its board
from the board of Oak Hill. Joining the WesBanco Board of Directors will be:
John D. Kidd, Donald P. Wood, D. Bruce Knox and Neil S. Strawser. Mr. Kidd
will serve as Vice Chairman of the WesBanco Board. In addition, each member of
the Oak Hill board of directors at the effective time of the merger will be
appointed to a newly created advisory board for WesBanco in the Jackson, Ohio
market.
"Continuity in service and leadership are areas of particular emphasis as
we prepare to offer a wider variety of products and services to Oak Hill's
customers in our expanded Ohio market. In that regard, we are pleased to
announce that Ralph E. Coffman, Jr. will serve as President of WesBanco Bank
West and that we will retain an Advisory Board in the Jackson market. We are
pleased to join in the long-term success that the Oak Hill franchise has been
able to achieve. Oak Hill employees have provided excellent service to their
customers and we intend to build upon their tradition of excellence," Mr.
Gardill said.
"As WesBanco has grown through acquisitions over the past twenty-three
years, we have stressed the importance of retaining key employees and
maintaining community ties to effect a smooth transition in terms of customer
retention. Through the Oak Hill transaction, we have acquired a quality
financial institution that enhances our existing Ohio markets and provides a
bridge of expansion into new markets. We are pleased with the prospect of
competing for business across a larger market in the State of Ohio," said Mr.
Limbert.
It is anticipated that Oak Hill's name will be changed to WesBanco in the
spring of 2008 in conjunction with the expected data processing conversion.
Subsequent to the conversion date, Oak Hill customers will continue to conduct
their regular banking transactions at Oak Hill's banking locations. WesBanco
also provides service through a network of 111 Automated Teller Machines
(ATMs), and through an agreement with Cleveland-based KeyCorp (NYSE: KEY),
provides its customers with surcharge-free access to Key's network of more
than 550 additional ATMs in Michigan, Indiana and Ohio. It is anticipated that
Oak Hill customers will be provided with this increased ATM access in early
December, 2007.
WesBanco's merger with Oak Hill creates a multi-state bank holding company
of $5.4 billion in total assets providing banking services through 117
locations and 152 ATM's in West Virginia, Ohio and Pennsylvania. The
transaction expands WesBanco's franchise along the Interstate 71 and
Interstate 75 corridors from Dayton, Ohio to Cincinnati, Ohio and opens new
markets in south and central Ohio. Prior to the merger with WesBanco, Oak Hill
operated 36 banking offices and one loan production office located in sixteen
counties distributed primarily in southern, central and western Ohio.
WesBanco's 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.
Forward-looking Statement
This press release contains certain forward-looking statements, including
certain plans, expectations, goals, and projections, and including statements
about the benefits of the merger between WesBanco and Oak Hill, 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 Oak Hill 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
2006 Annual Report on Form 10-K, Oak Hill's 2006 Annual Report on Form 10-K,
and documents subsequently filed by WesBanco and Oak Hill with the Securities
and Exchange Commission, including both companies' Form 10-Q's as of September
30, 2007. All forward-looking statements included in this news release are
based on information available at the time of the release. Neither WesBanco
nor Oak Hill assumes any obligation to update any forward-looking statement.
SOURCE WesBanco Inc.
Contact: Paul M. Limbert, President & CEO of WesBanco, Inc., +1-304-234-9206; or John D. Kidd, Chairman of Oak Hill Financial, Inc., +1-740-286-3283