WesBanco, a multi-state bank holding company, and Oak Hill Financial have annonced the completion of WesBanco's acquisition of Oak Hill. With this transaction, Oak Hill's name is expected to be changed to WesBanco in 2008.
As a result of the merger, WesBanco will add four individuals to its board from the board of Oak Hill. John 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 Ohio market.
Paul Limbert, president and CEO of WesBanco, 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.