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WesBanco Inc. (Nasdaq: WSBC) is a seasoned bank holding company headquartered in Wheeling, West Virginia. WesBanco has built a distinguished reputation over the past decade for being a secure, sound, and profitable organization.
WesBanco operates primarily through its subsidiary, WesBanco Bank, Inc., which runs over 190 financial centers across six states, including Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia. The company offers a comprehensive range of financial services, encompassing retail and corporate banking, personal and corporate trust services, brokerage services, mortgage banking, and insurance. WesBanco's services are designed to meet the diverse needs of individuals, businesses, and communities.
One of WesBanco's key strengths lies in its dual focus on technology and personal customer service. By leveraging advanced technology and maintaining a community bank orientation, WesBanco ensures efficient and effective service delivery. The company’s banking operations are divided into two main segments: community banking and trust and investment services.
In the realm of financial stability, WesBanco has demonstrated solid performance. For instance, as of the end of 2023, the company reported total portfolio loans of $11.6 billion, an 8.7% year-over-year increase. They also maintained a robust net interest margin, despite industry challenges such as rising federal fund rates.
WesBanco’s leadership team has also seen recent changes, with Jeffrey H. Jackson assuming the role of President and Chief Executive Officer as of August 1, 2023. Jackson's leadership is expected to build on the firm foundation laid by his predecessor, focusing on further growth and innovation.
WesBanco is also committed to maintaining strong capital levels and credit quality, ensuring a secure financial environment for its stakeholders. The company’s distinct long-term growth strategies and sustainable competitive advantages enable it to serve its markets effectively.
For more information, visit www.wesbanco.com and follow WesBanco on Facebook, LinkedIn, and X, formerly known as Twitter.
WesBanco (NASDAQ: WSBC) announced the appointment of Richard Hunt as Executive Vice President and Director of Commercial & Industrial Banking on June 9, 2022. Hunt, a seasoned industry veteran with over 30 years of experience, will steer the strategic direction of the bank's Commercial & Industrial Banking division. His prior roles include Maryland Market President for Atlantic Union Bank and Regional President at Northwest Bank. This leadership change aims to enhance core capabilities, develop new revenue products, and strengthen the team for long-term growth opportunities.
WesBanco, Inc. (Nasdaq: WSBC) announced the election of Rosie Allen-Herring to its Board of Directors during the Annual Meeting held on April 20, 2022. Allen-Herring, with over 30 years of experience in finance and community involvement, has notably raised approximately $245 million as CEO of the United Way National Capital Area. Her leadership is expected to enhance WesBanco's community focus and growth strategies. Allen-Herring's background includes roles at Old Line Bank and Fannie Mae, and she holds degrees from Howard University and Strayer University.
WesBanco, Inc. (NASDAQ: WSBC) has been awarded the 2022 America Saves Designation of Savings Excellence for its significant efforts to promote savings among customers during America Saves Week. This marks the seventh consecutive year the organization has received this recognition. WesBanco's initiatives have encouraged nearly 415,000 individuals to deposit over $1.13 billion into savings accounts. The bank operates across multiple states, offering tailored savings products and educational programs aimed at enhancing financial literacy and stability.
WesBanco, Inc. (Nasdaq: WSBC) has declared a quarterly cash dividend of $0.34 per share, set to be paid on July 1, 2022. Shareholders on record as of June 10, 2022 will receive this dividend, reflecting an annualized cash dividend rate of $1.36 per share. The decision demonstrates the company's commitment to returning value to its shareholders while maintaining its diversified financial services across six states.
WesBanco, Inc. (WSBC) reported Q1 2022 net income of $41.6 million, translating to diluted earnings per share (EPS) of $0.68, down from $70.6 million and $1.05 EPS in Q1 2021. Excluding restructuring and merger-related expenses, adjusted net income was $42.9 million, or $0.70 EPS. Loan growth improved by 0.9%, while deposits increased 7.3% year-over-year. The net interest margin was 2.95%, a decrease from the prior year. The company executed a $150 million capital raise and continued share repurchases, buying back 1.7 million shares.
WesBanco, Inc. (Nasdaq: WSBC) has been recognized as one of the World's Best Banks by Forbes for the fourth consecutive year, ranking 30th—up 16 positions from previous years. This ranking reflects high customer satisfaction, with strong scores in various categories such as digital services and financial advice. WesBanco attributes its success to a customer-centric service culture and commitment to long-term growth strategies, including expanding its market presence and investing in digital technology.
WesBanco, Inc. (Nasdaq: WSBC) announced the opening of a new loan production office in Indianapolis, targeting both commercial and residential mortgage lending. This move is part of its strategy for long-term growth, following a strong commitment to community relationships for over 150 years. The new office will be led by experienced bankers Michael McCulloch and Tony Thompson, tasked with developing client relationships. WesBanco has also received accolades, being named by Forbes as one of America's Best Banks and Best Midsize Employers.
WesBanco, Inc. (Nasdaq:WSBC) will host a conference call at 10:00 a.m. ET on April 27, 2022, to discuss its Q1 2022 financial results. The results are set to be released after market close on April 26, 2022. CEO Todd F. Clossin and CFO Daniel K. Weiss, Jr. will lead the discussion. Interested parties can access the live webcast on the company's Investor Relations page or dial in using the provided phone numbers. A replay will be available starting at 12:00 p.m. ET on April 27, 2022, until May 11, 2022.
Wesbanco, Inc. (WSBC) announced a public offering of $150 million in 3.75% Fixed-to-Floating Rate Subordinated Notes due 2032. Priced at 100% of principal, the Notes will accrue interest at 3.75% until April 1, 2027, when it will shift to a floating rate. The offering is set to close on March 23, 2022, and proceeds will support general corporate purposes, including debt repayment and acquisitions. The Notes qualify as Tier 2 capital and can be redeemed after April 1, 2027. The offering is managed by Keefe, Bruyette & Woods and RBC Capital Markets.
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