WesBanco

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WESBANCO, INC.
Public company
Traded asNASDAQWSBC
Russell 2000 Component
IndustryBanking
Founded1870; 149 years ago (1870) as "The German Bank"
1968; 51 years ago (1968) as WesBanco
HeadquartersWheeling, West Virginia, U.S.
Key people
James C. Gardill, Chairman
Todd F. Clossin, CEO & President
Robert H. Young, CFO
[1]
RevenueIncrease $0.286 billion (2016)[1]
Increase $0.086 billion (2016)[1]
Total assetsIncrease $10.900 billion (2018)[1]
Total equityIncrease $1.341 billion (2016)[1]
Number of employees
1,928[1]
Websitewww.wesbanco.com

WesBanco, Inc., is a bank holding company headquartered in Wheeling, West Virginia. It has 199 branches and 163 automatic teller machines in West Virginia, Ohio, Western Pennsylvania, Kentucky, and Southern Indiana.[1]

WesBanco is the second-largest bank headquartered in West Virginia, after United Bank. Based on total deposits, it is the third-largest bank operating in West Virginia, after BB&T and United Bank.[2]

In addition to banking services, the company offers insurance and investment products.[1]

The company owns the naming rights to the WesBanco Arena, home of the Wheeling Nailers hockey team.

History[edit]

The company was initially chartered on January 20, 1870, as "The German Bank".

In 1968, WesBanco, Inc. was incorporated.[1]

In July 1992, the company acquired First National Bank of Barnesville, Ohio.[3]

In 2004, the company acquired Western Ohio Financial Corporation, the parent company of Cornerstone Bank, for $65.2 million.[4]

In 2007, the company acquired Oak Hill Financial for $201 million in cash and stock.[5]

During the financial crisis of 2007-2008, the company received a $75 million investment by the United States Department of the Treasury as part of the Troubled Asset Relief Program. The company repurchased most of the investment in September 2009.[6]

In March 2009, the company acquired branches in Columbus, Ohio, from AmTrust Bank, which was being liquidated.[7]

In November 2012, the company acquired Fidelity Bancorp, expanding into the Pittsburgh area.[8]

In February 2015, the company further expanded its Pittsburgh-area presence with the acquisition of Ellwood City, Pennsylvania-based ESB Financial Corporation.[9]

In September 2016, the company expanded into Kentucky and Southern Indiana with the acquisition of Your Community Bankshares.[10]

On April 5th of 2018, the company acquired First Sentry Bancshares, Inc. (of Huntington, West Virginia).[11]

References[edit]

  1. ^ a b c d e f g h i "WESBANCO, INC. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Deposit Market Share Report". Federal Deposit Insurance Corporation.
  3. ^ "Wesbanco acquires bank in eastern Ohio". American Banker. July 21, 1992.(subscription required)
  4. ^ "WesBanco to acquire Cornerstone Bank". American City Business Journals. April 2, 2004.
  5. ^ Mahadevan, Neetha (July 20, 2007). "WesBanco to buy Oak Hill for $201 mln". Reuters.
  6. ^ "WesBanco completes pullout from US Treasury's TARP". The San Diego Union-Tribune. Associated Press. December 24, 2009.
  7. ^ "WesBanco closes deal to buy AmTrust branches". American City Business Journals. March 27, 2009.
  8. ^ "WesBanco, Inc. Consummates Merger with Fidelity Bancorp, Inc. and Elects Director and Senior Officers" (Press release). PRNewswire. November 30, 2012.
  9. ^ "WesBanco, Inc. Consummates Merger with ESB Financial Corporation and Appoints Directors" (Press release). PRNewswire. February 10, 2015.
  10. ^ "WesBanco, Inc. Consummates Merger with Your Community Bankshares, Inc. and Appoints Directors" (Press release). PRNewswire. September 9, 2016.
  11. ^ "WesBanco, Inc. Announces Agreement and Plan of Merger with First Sentry Bancshares, Inc" (Press release). PRNewswire. November 13, 2017.

External links[edit]