The deal is expected to complete during the coming months.
The combined business will be led by Matthew Wyles as chief executive, with Tim Blackwell as chief financial officer.
As part of the acquisition, 115 employees of Wesleyan Bank will transfer with the bank and will continue to work from Wesleyan Bank’s existing offices.
Mario Mazzocchi, chief executive of Wesleyan Group, said: “Wesleyan Bank has been enjoying considerable success in recent years as it focuses on supporting its professional and SME customers with medium-term asset finance and longer-term secured loans.
“Following a strategic review, we found the growth opportunities ahead of the Bank were different to those of our core business, which will continue to focus on the specialist financial needs of doctors, dentists and teachers.
“Seeking new ownership for the bank provides positive outcomes for both businesses, their customers as well as our members and makes strategic sense for all parties.”
Wyles added: “HTB’s growth strategy has always included an intention to supplement our development through acquisition when the right opportunity presented itself.
“We are very pleased to have agreed this deal with Wesleyan Assurance Society and we are excited about the added scale and momentum which this transaction will bring to HTB’s existing dynamic franchise.
“Hampshire Trust Bank delivered a very strong trading performance during the first half of 2021 and we look to the future with great confidence.”
