WHEELING, W.Va. - American Bancorp. said the Federal Reserve's downgrade of WesBanco Inc.'s Community Reinvestment Act rating might delay or preclude WesBanco's proposed acquisition of American Bancorp.
WesBanco's WesBanco Bank Inc. unit received preliminary notification from the Federal Reserve Bank of Cleveland of the downgrade, which could hurt its efforts to obtain regulatory approval for its transactions with Freedom Bancshares Inc. and American Bancorp.
In a press release Monday, American Bancorp said it remains ready to complete its pact with WesBanco. If, however, the deal is precluded, the company is reviewing its options, including "other merger opportunities."