WHEELING, W.Va. -- Wesbanco Inc. and First Fidelity Bancorp of West Virginia said they had agreed to merge in a transaction valued at $70 million.
The companies said the agreement called for Wesbanco to exchange 0.9 common share for each common share of First Fidelity with First Fidelity becoming a unit of Wesbanco. The two companies said the merger would be accounted for on a pooling-of-interests basis.
They said as part of the agreement, holders of First Fidelity series A 8% cumulative preferred stock would be issued Wesbanco series A 8% cumulative preferred stock convertible into Wesbanco common stock.
First Fidelity, has executed an option agreement giving Wesbanco the right to purchase up to 19.9% of First Fidelity's common shares outstanding.
First Fidelity, with $308 million of assets, operates four banks in north central West Virginia. Wesbanco, which has $1 billion in assets, runs 10 banks in West Virginia and one bank in Ohio.