WesBanco, Inc. Announces Agreement and Plan of Merger with First Sentry Bancshares, Inc.
WHEELING, W.Va., Nov. 13, 2017 /PRNewswire/ -- WesBanco, Inc. ("WesBanco") (Nasdaq: WSBC) and First Sentry Bancshares, Inc. ("First Sentry") (OTC Pink: FTSB) jointly announced today that they have executed a definitive Agreement and Plan of Merger providing for the merger of First Sentry with and into WesBanco. James C. Gardill, Chairman of the Board, and Todd F. Clossin, President and CEO, of WesBanco and Robert H. Beymer, Chairman of the Board, and Geoffrey S. Sheils, President and CEO, of First Sentry, made the joint announcement.
Under the terms of the Agreement and Plan of Merger, which has been approved by the board of directors of both companies, WesBanco will exchange shares of its common stock for First Sentry common stock, in an all-stock transaction. First Sentry shareholders will be entitled to receive 1.5869 shares of WesBanco common stock for each share of First Sentry common stock for a total value of approximately $64.00 per share or $101.4 million (including options) based on the 15-day average closing price of WesBanco common stock ending on November 9, 2017 of $40.33. The merger is expected to qualify as a tax-free reorganization. Read more.