As previously disclosed on July 20, 2007, in connection with the announcement of the of the execution of the Agreement and Plan of Merger between WesBanco, Inc. (Nasdaq: WSBC) and Oak Hill Financial, Inc., WesBanco and 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.
On November 19, 2007, WesBanco and Oak Hill reported that they believed that substantial progress had been made in achieving the sale of the identified loans. Approximately $44.6 million of such loans were sold, paid off, or otherwise removed from the loan portfolio prior to the November 30, 2007 effective date of the merger and another $6.3 million of such loans are expected to be sold by December 31, 2007.
Paul M. Limbert, WesBanco President & CEO, commented "this accomplishes our previously announced goal of selling approximately $50 million of loans and other non-performing assets of Oak Hill."
WesBanco's merger with Oak Hill creates a multi-state bank holding company of $5.3 billion in total assets providing banking services through 117 locations and 152 ATM's in West Virginia, Ohio and Pennsylvania. WesBanco's banking subsidiaries are WesBanco Bank, Inc., headquartered in Wheeling, West Virginia, and Oak Hill Banks, headquartered in Jackson, Ohio. In addition, WesBanco operates an insurance company, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc. -- WesBanco, Inc.
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