WesBanco

WESBANCO, INC.
Public company
Traded as NASDAQ: WSBC
Russell 2000 Component
Industry Banking
Founded 1870 (1870) as "The German Bank"
1968 (1968) as WesBanco
Headquarters Wheeling, West Virginia, U.S.
Key people
 James C. Gardill, Chairman
Todd F. Clossin, CEO & President
Robert H. Young, CFO[1]
Revenue Increase $0.286 billion (2016)[1]
Increase $0.086 billion (2016)[1]
Total assets Increase $10.900 billion (2018)[1]
Total equity Increase $1.341 billion (2016)[1]
Number of employees
 1,928[1]
Website www.wesbanco.com

WesBanco, Inc., is a bank holding company headquartered in Wheeling, West Virginia. It has 177 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

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, WV).[11]

References

  1. 1 2 3 4 5 6 7 8 9 "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.
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