WesBanco in Wheeling, W.Va., has agreed to buy ESB Financial in Ellwood City, Pa.

The $6.3 billion-asset WesBanco will pay $324 million, or $17.65 a share, in cash and stock for the $1.9 billion-asset ESB. The transaction values ESB at 191% of its price to tangible book value.

"This transaction leverages our existing presence in the Pittsburgh market, expands our franchise, strengthens our leadership position and builds on our previous momentum in Pittsburgh and western Pennsylvania," Todd Clossin, WesBanco’s president and chief executive, said in a press release Wednesday. “ESB is a well-established institution with a very strong franchise and exceptional customer service culture. We believe we can provide customers of those offices with a broader array of banking services."

The acquisition is expected to be 3% accretive to WesBanco's 2015 earnings and 9% to 10% accretive in subsequent years, adding 23 branches. The transaction should be completed in the first or second quarter.

FBR Capital Markets; Phillips Gardill Kaiser & Altmeyer; and K&L Gates advised WesBanco. Mufson Howe Hunter & Co. and Silver, Freedman, Taff & Tiernan advised ESB.

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