On November 22, 2019, Wesbanco completed its acquisition of OLBK, a bank holding company headquartered in Bowie, MD. On the acquisition date, OLBK had approximately $3.0 billion in assets, excluding goodwill, which included approximately $2.5 billion in loans and $182.5 million in securities. The OLBK acquisition was valued at $494.0 million, based on Wesbanco’s closing stock price on November 22, 2019, of $36.75 and resulted in Wesbanco issuing 13,351,837 shares of its common stock in exchange for all of the outstanding shares of OLBK common stock including stock options of which the fair value is $3.3 million. The assets and liabilities of OLBK were recorded on Wesbanco’s Balance Sheet at their preliminary estimated fair values as of November 22, 2019, the acquisition date, and OLBK’s results of operations have been included in Wesbanco’s Consolidated Statements of Income since that date. Based on a preliminary purchase price allocation, Wesbanco recorded $203.8 million in goodwill and $33.6 million in core deposit intangibles in its Community Banking segment. None of the goodwill is deductible for income tax purposes, as the acquisition is accounted for as a tax-free exchange for tax purposes. As a result of the integration of the operations of OLBK, it is not practicable to determine revenue or net income included in Wesbanco’s operating results relating to OLBK since the date of acquisition, as OLBK’s results cannot be separately identified.

For the year ended December 31, 2019, Wesbanco recorded merger-related expenses of $13.2 million associated with the OLBK acquisition.

The preliminary purchase price of the OLBK acquisition and resulting goodwill is summarized as follows:

(in thousands)	November 22, 2019
Purchase Price:
Fair value of Wesbanco shares issued	$	493,936
Cash consideration for outstanding OLBK shares		16
Total purchase price	$	493,952
Fair value of:
Tangible assets acquired	$	2,919,459
Core deposit and other intangible assets acquired		33,591
Liabilities assumed		(2,722,913	)
Net cash received in the acquisition		60,041
Fair value of net assets acquired		290,178
Goodwill recognized	$	203,774

The following table presents the preliminary allocation of the purchase price of the assets acquired and the liabilities assumed at the date of acquisition, as Wesbanco intends to finalize its accounting for the acquisition of OLBK within one year of the date of acquisition:

(in thousands)	November 22, 2019
Assets acquired
Cash and due from banks	$	60,041
Securities		182,520
Loans		2,545,593
Goodwill and other intangible assets		237,365
Accrued income and other assets		191,346
Total assets acquired	$	3,216,865
Liabilities assumed
Deposits	$	2,375,574
Borrowings		287,330
Accrued expenses and other liabilities		60,009
Total liabilities assumed	$	2,722,913
Net assets acquired	$	493,952

The fair value estimates for loans (including loan classifications), other intangible assets, premises and equipment, deferred taxes, borrowings and other assets/liabilities will continue to fluctuate until the final valuations and/or appraisals are completed. The Company expects to finalize the purchase price accounting for OLBK within one year of the date of acquisition.

On August 20, 2018, Wesbanco completed its acquisition of FFKT, a bank holding company headquartered in Frankfort, KY. On the acquisition date, FFKT had approximately $1.6 billion in assets, excluding goodwill, which included approximately $1.0 billion in loans and $239.3 million in securities. The FFKT acquisition was valued at $428.9 million, based on Wesbanco’s closing stock price on August 20, 2018 of $49.40, and resulted in Wesbanco issuing 7,920,387 shares of its common stock and $37.6 million in cash in exchange for all of the outstanding shares of FFKT common stock. The assets and liabilities of FFKT were recorded on Wesbanco’s Balance Sheet at their fair values as of August 20, 2018, the acquisition date, and FFKT’s results of operations have been included in Wesbanco’s Consolidated Statements of Income since that date. Based on the final purchase price allocation, Wesbanco recorded $223.3 million in goodwill and $37.4 million in core deposit intangibles in its Community Banking segment and $2.6 million in trust customer relationship intangibles in its trust and investment services segment. None of the goodwill is deductible for income tax purposes, as the acquisition is accounted for as a tax-free exchange for tax purposes. As a result of the full integration of the operations of FFKT, it is not practicable to determine revenue or net income included in Wesbanco’s operating results relating to FFKT since the date of acquisition, as FFKT’s results cannot be separately identified.

Wesbanco recorded merger-related expenses of $3.2 million and $12.4 million associated with the FFKT acquisition for the years ended December 31, 2019 and 2018, respectively.

The final purchase price of the FFKT acquisition and resulting goodwill is summarized as follows:

(in thousands)	August 20, 2018
Purchase Price:
Fair value of Wesbanco shares issued	$	391,267
Cash consideration for outstanding FFKT shares		37,634
Total purchase price	$	428,901
Fair value of:
Tangible assets acquired	$	1,370,245
Core deposit and other intangible assets acquired		39,992
Liabilities assumed		(1,434,779	)
Net cash received in the acquisition		230,139
Fair value of net assets acquired		205,597
Goodwill recognized	$	223,304

The following table presents the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of acquisition:

(in thousands)	August 20, 2018
Assets acquired
Cash and due from banks	$	230,139
Securities		239,321
Loans		1,025,800
Goodwill and other intangible assets		263,296
Accrued income and other assets		105,124
Total assets acquired	$	1,863,680
Liabilities assumed
Deposits	$	1,330,328
Borrowings		71,780
Accrued expenses and other liabilities		32,671
Total liabilities assumed	$	1,434,779
Net assets acquired	$	428,901

The following table presents the changes in the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of the acquisition previously reported as of December 31, 2018:

(in thousands)	August 20, 2018
Goodwill recognized as of December 31, 2018	$	220,240
Change in fair value of net assets acquired:
Assets
Loans		24
Other intangible assets
Accrued income and other assets		1,907
Liabilities
Accrued expenses and other liabilities		(4,995	)
Fair value of net assets acquired	$	(3,064	)
Increase in goodwill recognized		3,064
Goodwill recognized as of December 31, 2019	$	223,304

The adjustments to goodwill noted above related to the Company’s finalization of purchase accounting for FFKT, which occurred in the third quarter of 2019.

On April 5, 2018, Wesbanco completed its acquisition of FTSB, a bank holding company headquartered in Huntington, WV. On the acquisition date, FTSB had approximately $704.8 million in assets, excluding goodwill, which included approximately $447.3 million in loans and $142.9 million in securities. The FTSB acquisition was valued at $108.3 million, based on Wesbanco’s closing stock price on April 5, 2018 of $42.96, and resulted in Wesbanco issuing 2,498,761 shares of its common stock and $1.0 million in cash in exchange for all of the outstanding shares of FTSB common stock including stock options. The assets and liabilities of FTSB were recorded on Wesbanco’s Balance Sheet at their fair values as of April 5, 2018, the acquisition date, and FTSB’s results of operations have been included in Wesbanco’s Consolidated Statements of Income since that date. Based on the final purchase price allocation, Wesbanco recorded $67.7 million in goodwill and $8.1 million in core deposit intangibles in its Community Banking segment. None of the goodwill is deductible for income tax purposes, as the acquisition is accounted for as a tax-free exchange for tax purposes. As a result of the full integration of the operations of FTSB, it is not practicable to determine revenue or net income included in Wesbanco’s operating results relating to FTSB since the date of acquisition, as FTSB’s results cannot be separately identified.

For the year ended December 31, 2018, Wesbanco recorded merger-related expenses of $5.5 million associated with the FTSB acquisition. No merger-related expenses associated with the FTSB acquisition were recorded for the year ended December 31, 2019.

The final purchase price of the FTSB acquisition and resulting goodwill is summarized as follows:

(in thousands)	April 5, 2018
Purchase Price:
Fair value of Wesbanco shares issued	$	107,347
Cash consideration for outstanding FTSB shares		975
Total purchase price	$	108,322
Fair value of:
Tangible assets acquired	$	609,593
Core deposit and other intangible assets acquired		8,078
Liabilities assumed		(664,172	)
Net cash received in the acquisition		87,124
Fair value of net assets acquired		40,623
Goodwill recognized	$	67,699

The following table presents the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of acquisition.

(in thousands)	April 5, 2018
Assets acquired
Cash and due from banks	$	87,124
Securities		142,903
Loans		447,279
Goodwill and other intangible assets		75,777
Accrued income and other assets		19,411
Total assets acquired	$	772,494
Liabilities assumed
Deposits	$	590,065
Borrowings		70,710
Accrued expenses and other liabilities		3,397
Total liabilities assumed	$	664,172
Net assets acquired	$	108,322