WesBanco's acquisition of Oak Hill a 'bridge of expansion into new markets'

By Lisa Kerner

Charlotte, N.C., Nov. 30 - WesBanco, Inc. completed its acquisition of Oak Hill Financial, Inc. in a stock and cash deal valued at $201 million.

As a result, four Oak Hill board members will join WesBanco's board: John D. Kidd, Donald P. Wood, D. Bruce Knox and Neil S. Strawser. Kidd will be the board's vice chairman.

It was previously reported that Oak Hill shareholders will receive either 1.256 shares of WesBanco common stock or cash in the amount of $38.00 for each share of Oak Hill common stock.

The merger 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.

"As WesBanco has grown through acquisitions over the past 23 years, we have stressed the importance of retaining key employees and maintaining community ties to effect a smooth transition in terms of customer retention," WesBanco president and chief executive officer Paul M. Limbert said in a company news release.

"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."

Oak Hill's name is expected to be changed to WesBanco in the spring of 2008 in conjunction with the anticipated data processing conversion, the release stated.

Oak Hill is a financial holding company located in Jackson, Ohio.

WesBanco is a multi-state bank holding company based in Wheeling, W.Va.

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