WesBanco Inc. is buying western Pennsylvania's ESB Bank for $325 million in cash and stock giving the West Virginia-based bank an even bigger presence in the greater Pittsburgh market.
WesBanco, which is based in Wheeling, West Virginia, will add 23 branches in four western Pennsylvania counties as well as $1.9 billion in assets and $1.3 billion in deposits.
ESB was founded more than 90 years ago as Ellwood Federal Savings and Loan in Ellwood City, about 35 miles northwest of Pittsburgh.
The thrift's chief executive officer, Charlotte Zuschlag, says "the time was right" for ESB Bank to be bought out by a larger entity.
WesBanco CEO Todd Clossin says the deal will mean 30 percent of WesBanco's business will be located in western Pennsylvania.
Copyright AP - Associated Press
