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 was $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 $228.8 million in goodwill and $32.9 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 three months ended March 31, 2020, Wesbanco recorded merger-related expenses of $5.2 million associated with the OLBK acquisition.

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

(unaudited, 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	$	2,894,254
Core deposit and other intangible assets acquired		32,899
Liabilities assumed		(2,721,999	)
Net cash received in the acquisition		60,041
Fair value of net assets acquired		265,195
Goodwill recognized	$	228,757

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:

(unaudited, in thousands)	November 22, 2019
Assets acquired
Cash and due from banks	$	60,041
Securities		182,455
Loans		2,514,300
Goodwill and other intangible assets		261,656
Accrued income and other assets		197,499
Total assets acquired	$	3,215,951
Liabilities assumed
Deposits	$	2,375,574
Borrowings		286,047
Accrued expenses and other liabilities		60,378
Total liabilities assumed	$	2,721,999
Net assets acquired	$	493,952

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, 2019:

(unaudited, in thousands)	November 22, 2019
Goodwill recognized as of December 31, 2019	$	203,774
Change in fair value of net assets acquired:
Assets
Investment securities		(65	)
Loans		(31,293	)
Other intangible assets		(692	)
Deferred tax assets		7,365
Accrued income and other assets		(1,212	)
Liabilities
Borrowings		1,283
Accrued expenses and other liabilities		(369	)
Fair value of net assets acquired	$	(24,983	)
Increase in goodwill recognized		24,983
Goodwill recognized as of March 31, 2020	$	228,757

The fair value estimates for loans (including loan classifications), premises and equipment, deferred taxes 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.