The shareholders of Your Community Bankshares Inc. (Nasdaq: YCB) have approved the $221 million acquisition of the bank. The merger with WesBanco Inc. (Nasdaq: WSBC) of West Virginia is expected to be complete by the end of the third quarter.
If all approvals are met, the 36 Your Community Bank branches will become financial centers under the WesBanco Bank name. The deal was initially announced in May and a news release at the time said officials were "optimistic that organizing around customer service and product delivery can be accomplished with as little employee disruption as possible." The company also said the proposed transaction would put the company above the mark of $10 billion in total assets, a figure that WesBanco Chief Executive Officer Todd Clossin would need to be cut back. "While we have been gradually building our infrastructure over the past few years to prepare WesBanco for the day it eclipses $10 billion in assets, we believe the most prudent course of action is to shrink our balance sheet such that we do not cross over the $10 billion mark at closing. On a combined basis, we believe we have the ability to continue our loan growth at an uninterrupted pace while remaining below $10 billion in assets in the near term," he said. The News and Tribune reports Clossin said the merger is expected to include an unspecified reduction in work force.
Nearly 100 percent of voting shareholders elected to approve the deal.
Last year, Your Community Bankshares changed its name and ticker symbol from Community Bank Shares of Indiana Inc. (Nasdaq: CBIN) to better reflect its growing regional footprint.
Your Community Bankshares’ current assets total more than $1.5 billion. It has locations in Indiana and Kentucky.