M&A activity continues to be at a high point for dealers and lenders, with several mergers announced in July.
WesBanco-Premier Financial Corp.
Wheeling, W.Va.-based lender WesBanco plans to merge with Defiance, Ohio-based Premier Financial, according to a July 26 WesBanco release.
The combined company will have about $27 billion in assets and more than 250 locations. Four Premier board members will be appointed to WesBanco’s board.
WesBanco shareholders are expected to hold 62% of combined company shares, while Premier shareholders will hold 30%.
All Premier shareholders will receive 0.8 WesBanco shares for every Premier share. To finance this, WesBanco is raising money through investors Wellington Management, Glendon Capital Management LP and Klaros Capital.
The funding raise is expected to close Aug. 1.
WesBanco provides loans for manufacturing equipment, medical equipment, construction equipment and vehicles, according to its website.
The merger is expected to close in the first quarter of 2025.
Equity Bancshares-KansasLand Bancshares
Wichita, Kan.-based Equity Bancshares closed its merger with Quinter, Kan.-based KansasLand Bancshares July 2, according to an Equity Bancshares release.
KansasLand’s locations re-opened under Equity Bank the same day.
After the merger, Equity has $5.3 billion in combined assets and 37 banks in Kansas.
The bank provides Small Business Administration-backed equipment loans among other options, according to its website.
Florida Coast Equipment acquires Polk Tractor
West Palm Beach, Fla.-based dealer Florida Coast Equipment acquired Winter Haven, Fla.-based Polk Tractor, according to a July 2 Florida Coast Equipment LinkedIn post.
Florida Coast Equipment primarily sells Kubota equipment and now has 14 locations, according to its website.
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