Company: WSBC
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030795
Chunk: 62

Company: WESBANCO INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 62
---
 the sale of an equity security is not considered part of the unit of account of the equity security, and therefore, is not considered in measuring fair value. Furthermore, the amendments to this ASU clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update to this ASU requires the following disclosures for equity securities: (1) the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; (2) the nature and remaining duration of the restriction(s) and; (3) the circumstances that could cause a lapse in the restriction(s). The amendments in this Update were effective on January 1, 2024.  The adoption of this pronouncement did not have a material impact on the Consolidated Financial Statements.  

85

NOTE 2. MERGERS AND ACQUISITIONSOn July 25, 2024, Wesbanco, Wesbanco Bank, Premier and Premier Bank jointly announced the execution of a definitive Merger Agreement providing for the merger of Premier with and into Wesbanco and the merger of Premier Bank with and into Wesbanco Bank. Premier is a bank holding company headquartered in Defiance, OH, with approximately $8.6 billion in assets, $6.5 billion in portfolio loans, $6.8 billion in deposits, $1.0 billion in stockholders’ equity and 73 branches as of December 31, 2024.  The merger was completed on February 28, 2025. Under the terms of the Agreement, Wesbanco exchanged its common stock for Premier common stock in an all stock transaction.  Except as provided in the Merger Agreement,  Premier options were cancelled and terminated and converted into the right to receive an amount of cash in respect of each Net Option Share, as defined in the Merger Agreement. Premier shareholders received 0.80 shares of Wesbanco common stock per each share of Premier common stock. The receipt by Premier shareholders of shares of Wesbanco common stock in exchange for their shares of Premier common stock is anticipated to qualify as a tax-free exchange.In connection with the merger, the Company filed with the SEC a Registration Statement on Form S-4 which included a joint proxy statement of Premier Financial and the Company and a prospectus of the Company with respect to shares of the Company’s common stock to be issued in the transaction, as well as other relevant documents concerning the transaction.  The Form S-4 was declared effective on October 28,