The Federal Deposit Insurance Corporation (FDIC) approved a Bank Merger Act (BMA) application submitted by WesBanco Bank, Wheeling, West Virginia, to acquire and merge with Premier Bank, Youngstown, Ohio. The resulting bank will operate in West Virginia, Indiana, Kentucky, Maryland, Michigan, Pennsylvania and Ohio, and will operate under the name, WesBanco Bank.
When reviewing applications, the FDIC considers certain statutory factors, including the competitive effects of the transaction, the financial and managerial resources and future prospects of the existing and proposed institutions, the convenience and needs of the communities to be served, the risk to the stability of the U.S. banking or financial system and the anti-money laundering records of the institutions involved. The FDIC found favorably on those factors as well as additional requirements applicable to the transaction as an interstate merger under section 44 of the Federal Deposit Insurance (FDI) Act.
Other necessary approvals, exemptions and/or non-objections may need to be obtained from relevant federal and state regulatory authorities before final approval is made.
As noted by FDIC Acting Chairman Travis Hill last week, improving the bank merger approval process is a "high priority" for the agency going forward.