WHEELING, W.Va., Aug. 22, 2016 /PRNewswire/ -- WesBanco, Inc.
(Nasdaq: WSBC), a multi-state bank holding company with total
assets of approximately $8.4 billion,
announced today that it has received all necessary regulatory
approvals for the merger between WesBanco, Inc. and Your Community
Bankshares, Inc. (Nasdaq: YCB).
On August 19, 2016, the
shareholders of Your Community Bankshares approved the merger
through adoption of the previously announced Agreement and Plan of
Merger, pursuant to which Your Community Bankshares will merge with
and into WesBanco.
WesBanco and Your Community expect that the closing of the
merger will occur in the third quarter of 2016. Completion of
the merger remains subject to the satisfaction of customary closing
conditions.
About WesBanco, Inc.
Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a
multi-state, bank holding company with total assets of
approximately $8.4 billion (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.,
operates 140 financial centers in the states of 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.
About Your Community Bankshares, Inc.
Your Community Bankshares, Inc. is a bank holding company
headquartered in New Albany,
Indiana and includes its wholly owned, state-chartered
subsidiary bank, Your Community Bank. The Company operates 33
financial centers in Indiana and
Kentucky. The Bank is
engaged primarily in the business of attracting deposits from the
general public and using such funds for the origination of
commercial business and real estate loans and secured consumer
loans such as home equity lines of credit and automobile loans.
Additionally, the Bank originates and sells into the
secondary market mortgage loans for the purchase of single-family
homes. For more information visit www.yourcommunitybank.com.
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 YCB, 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 YCB
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 proposed 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, YCB's 2015 Annual Report on Form 10-K, and documents
subsequently filed by WesBanco and YCB with the Securities and
Exchange Commission. All forward-looking statements included in
this filing are based on information available at the time of the
release. Neither WesBanco nor YCB assumes any obligation to
update any forward-looking statement.
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SOURCE WesBanco, Inc.