08:56 AM EDT, 07/26/2024 (MT Newswires) -- WesBanco ( WSBC ) and Premier Financial (PFC) said Friday they entered an all-stock merger agreement, with WesBanco ( WSBC ) as the surviving entity.

Under the deal, Premier shareholders will receive 0.80 of a WesBanco ( WSBC ) share for each Premier share held, valuing the deal at about $959 million, or $26.66 per share based on WesBanco's ( WSBC ) closing price on Wednesday, the companies said.

WesBanco ( WSBC ) said it will raise $200 million in capital from certain investors to support the merger. The capital raise is anticipated to complete on Aug. 1, according to the joint statement.

The merger is expected to be completed in Q1 2025 after which four Premier board members will join WesBanco's ( WSBC ) board, the companies said.

WesBanco ( WSBC ) shares fell 3.7% in recent Friday premarket activity, while Premier Financial's stock gained nearly 6%.

Price: 33.01, Change: -1.27, Percent Change: -3.70