Shares of New Albany-based Your Community Bankshares Inc. are up more than 10 percent in morning trading, following a Tuesday announcement the bank holding company was merging with West Virginia-based WesBanco Inc.
The board of directors of both companies has approved the merger, valued at $221 million, according to a press release.
The release notes that WesBanco will take over management of Your Community Bank.
"The merger with Your Community meaningfully expands WesBanco's franchise into attractive markets in Kentucky and Southern Indiana, and a top 10 market share in the Louisville MSA," said Todd F. Clossin, WesBanco President and Chief Executive Officer. "Jim Rickard and his management team have built a high-performing commercial bank with low cost deposits and a strong lending team. We believe we can provide customers of Your Community with a broader array of banking services, including expanded commercial and mortgage lending capabilities as well as trust and wealth management services."
WesBanco expects to add two Your Community directors, Gary L. Libs and Kerry M. Stemler, to its board of directors. In addition, Jim Rickard, Your Community's President and CEO, will join WesBanco as Market President for Kentucky and Southern Indiana.
"We are excited to announce our merger with WesBanco and are delighted to become a part of their fine organization," Rickard said in the release. "WesBanco's strong operating performance, demonstrated track record of merger integration and commitment to the communities it serves makes it the ideal partner for Your Community Bank."
When the merger is complete, WesBanco will have 177 branches in five states with the addition of YCB's 36 offices.
Community Bank Shares Inc. was formed in 1991. Shares of Your Community (Nasdaq: YCB) were up $3.56, or 10.5 percent, in morning trading.