WesBanco, Inc. and Oak Hill Financial, Inc. Announce Merger Approval, New Markets Tax Credit Allocation and Pending Sale of Oak
20 11월 2007 - 4:00AM
PR Newswire (US)
WHEELING, W.Va., and JACKSON, Ohio, Nov. 19 /PRNewswire-FirstCall/
-- WesBanco, Inc. (NASDAQ:WSBC) ("WesBanco") and Oak Hill
Financial, Inc. (NASDAQ:OAKF) ("Oak Hill") jointly announced today
shareholder approval of WesBanco's acquisition of Oak Hill. James
C. Gardill, Chairman of the Board and Paul M. Limbert, President
& CEO of WesBanco, and John D. Kidd, Chairman of the Board, and
Ralph E. Coffman, Jr., President & CEO of Oak Hill, made the
joint announcement. The merger, which was previously announced on
July 20, 2007 and recently approved by both the Federal Reserve
Bank of Cleveland and the Division of Financial Institutions of the
State of Ohio, was approved on November 16, 2007 by the
shareholders of both WesBanco, Inc. and Oak Hill Financial, Inc. in
separate meetings. The merger is scheduled to be consummated on
November 30, 2007, subject to customary closing conditions. Under
the terms of the Agreement and Plan of Merger, WesBanco will
exchange a combination of its common stock and cash for Oak Hill
common stock. Upon consummation, the combination of the two banking
companies will create a bank with approximately $5.3 billion in
total assets providing banking services through 114 locations and
152 ATMs in three states. As a result of the merger, joining the
WesBanco Board of Directors as of November 30, 2007 will be Oak
Hill Directors John D. Kidd, Donald P. Wood, D. Bruce Knox and Neil
S. Strawser. Mr. Kidd, who was Chairman of the Board of Oak Hill,
will serve as Vice Chairman of the WesBanco Board. Oak Hill
shareholders wishing to make an election regarding the
consideration they would like to receive for their Oak Hill shares
must deliver to Computershare Trust Co., Inc., the exchange agent,
properly completed Election Forms and Letters of Transmittal,
together with their stock certificates or properly completed
notices of guaranteed delivery, by 5:00 P.M., E.S.T., on Tuesday,
November 27, 2007, the election deadline. Oak Hill shareholders may
elect cash, shares of WesBanco common stock or a combination of the
two for their Oak Hill shares. All elections are subject to
adjustment to ensure that 90% of the outstanding shares of Oak Hill
common stock will be converted into the right to receive shares of
WesBanco common stock, and the remaining shares of Oak Hill common
stock will be converted into the right to receive cash. As a
result, an Oak Hill shareholder may not receive the exact form of
consideration elected, and the ability of an Oak Hill shareholder
to receive the form of consideration elected will depend on the
elections made by other Oak Hill shareholders. New Markets Tax
Credit Allocation Oak Hill Financial, Inc. also announced that Oak
Hill Banks Community Development Corp. (OHBCDC), a wholly owned
subsidiary, has been selected for the second time to receive
allocations of New Markets Tax Credits (NMTC). Administered by the
Community Development Financial Institutions Fund of the U.S.
Department of the Treasury, the NMTC program is aimed at
stimulating economic and community development and job creation in
low-income communities. The program provides tax credits to
investors who make qualified equity investments in privately
managed investment vehicles called "community development entities"
(CDEs). In Oak Hill's case, the company's primary subsidiary, Oak
Hill Banks, will invest up to $40 million in OHBCDC. In return, Oak
Hill Banks will be eligible to earn tax credits equal to 39% of the
amount invested, or approximately $15.6 million, over the next
seven years. OHBCDC will utilize its NMTC allocation to provide
loans to businesses located in eleven Appalachian counties in rural
southern Ohio. It will also provide financial counseling as part of
the lending process and through a formal program of community
business workshops. The NMTC allocation will allow OHBCDC to
provide short-term and long-term loans to a variety of businesses.
Pending Sale of Oak Hill's Bank Loans In connection with the merger
of Oak Hill Banks into WesBanco, Oak Hill agreed to use
commercially reasonable efforts to enter into contracts for the
sale of approximately $50 million of loans and other non-performing
assets. It is anticipated that this condition will be met and
substantial progress has been made in achieving the sale of the
identified loans. About WesBanco WesBanco is a multi-state bank
holding company with total assets of approximately $4.0 billion,
operating through 78 banking offices, one loan production office,
and 111 ATMs in West Virginia, Ohio, and Pennsylvania. WesBanco's
banking subsidiary is WesBanco Bank, Inc., headquartered in
Wheeling, West Virginia. In addition, WesBanco operates an
insurance brokerage company, WesBanco Insurance Services, Inc., and
a full service broker/dealer, WesBanco Securities, Inc. that also
operates Mountaineer Securities, WesBanco's discount brokerage
operation. About Oak Hill Oak Hill Financial is a financial holding
company headquartered in Jackson, Ohio. Its subsidiary, Oak Hill
Banks, operates 36 full-service banking offices and one bank loan
production office in 15 counties across southern and central Ohio.
A second subsidiary, Oak Hill Financial Insurance Agency, provides
group health plans, benefits administration, and other insurance
services to business and public-sector organizations throughout the
same region. The company also holds 49% of Oak Hill Title Agency,
LLC, which provides title services for commercial and residential
real estate transactions. Forward-Looking Statement This press
release contains certain forward-looking statements, including
certain plans, expectations, goals, and projections, and including
statements about the anticipated closing of the merger between
WesBanco and Oak Hill, Oak Hill's New Markets Tax Credit
Allocation, and the pending sale of certain Oak Hill's bank loans
in connection with the merger, 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 those described in WesBanco's 2006
Annual Report on Form 10-K, Oak Hill's 2006 Annual Report on Form
10-K, and documents subsequently filed by WesBanco and Oak Hill
with the Securities and Exchange Commission, including both
companies' Form 10-Q's as of September 30, 2007. All
forward-looking statements included in this news release are based
on information available at the time of the release. Neither
WesBanco nor Oak Hill assumes any obligation to update any
forward-looking statement. DATASOURCE: WesBanco, Inc. CONTACT: Paul
M. Limbert, President & CEO of WesBanco, Inc., +1-304-234-
9206; or John D. Kidd, Chairman of Oak Hill Financial, Inc.,
+1-740-286-3283 Web site: http://www.wesbanco.com/
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