WesBanco Again Ranked by Forbes as One of the Best Banks in America

Rhea-AI Summary

WesBanco, Inc. (Nasdaq: WSBC) has been named by Forbes as one of the Best Banks in America for 2021, marking its 11th appearance since 2010 and its second consecutive year in the top 15, ranking 12th. CEO Todd F. Clossin highlighted the achievement as a testament to the dedication of its employees and the bank's robust credit and risk management. The ranking is based on various financial metrics as of September 30, 2020, including return on assets and capital ratios. Founded in 1870, WesBanco operates in six states, combining large bank capabilities with a community-oriented approach.

Positive

• Ranked 12th in Forbes' Best Banks in America for 2021, highlighting strong market position.
• Achieved record annual pre-tax, pre-provision earnings.
• Successfully assisted over 10,000 individuals and businesses during the pandemic.

Negative

• None.

WHEELING, W.V., Feb. 5, 2021 /PRNewswire/ -- WesBanco, Inc. (Nasdaq: WSBC), a diversified, multi-state bank holding company, announces that its affiliate, WesBanco Bank, has again been named to Forbes magazine's list of the Best Banks in America.  The 2021 ranking is WesBanco's eleventh year making the list since its inception during 2010, and second year in a row in the top 15 – coming in as the 12^th best bank.

"WesBanco is proud to have been again named one of the fifteen best banks in America by Forbes magazine," said Todd F. Clossin, WesBanco President and Chief Executive Officer.  "This financial-based ranking follows our being named, for the second time, to the second-annual Forbes list of the World's Best Banks, which was based on customer satisfaction and consumer feedback.  During our 150 years, WesBanco has maintained its strong community banking roots and focus on customer service while evolving into a diversified and well-balanced financial services institution.  This annual recognition is a testament to the hard work and dedication of all our employees, our strong legacy of credit and risk management, and strategic focus to create a premier financial institution for our customers and shareholders."

Mr. Clossin added, "In addition to being our 150th anniversary, 2020 was another successful year for WesBanco.  Solid execution of our well-defined strategies allowed us to generate record annual pre-tax, pre-provision earnings, while remaining a well-capitalized financial institution with solid liquidity and a strong balance sheet.  But, most importantly, the year was successful when measured from a community action standpoint.  During 2020, we directly assisted more than ten thousand individuals, families, businesses, and non-profits as they navigated through the pandemic.  I am extremely proud of how our employees responded this past year, as their efforts speak loudly to our community bank roots."

Forbes magazine ranked the 100 largest publicly-traded banks and thrifts by assets based on ten metrics related to growth, credit quality, and profitability from regulatory filings through September 30, 2020.  These metrics include return on average tangible common equity, return on average assets, net interest margin, efficiency ratio, net charge-offs as a percentage of total loans, nonperforming assets as a percentage of assets, CET1 ratio, risk-based capital ratio, reserves as a percentage of nonperforming assets, and operating revenue growth.

About WesBanco, Inc.

Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a diversified and balanced financial services company that delivers large bank capabilities with a community bank feel.  Our distinct long-term growth strategies are built upon unique sustainable advantages permitting us to span six states with meaningful market share.  Built upon our 'Better Banking Pledge', our customer-centric service culture is focused on growing long-term relationships by pledging to serve all personal and business customer needs efficiently and effectively.  In addition to a full range of online and mobile banking options and a full-suite of commercial products and services, WesBanco provides trust, wealth management, securities brokerage, and private banking services through our century-old Trust and Investment Services department, with approximately $5.0 billion of assets under management (as of December 31, 2020).  WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 212 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia.  Additionally, WesBanco operates an insurance agency, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.

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SOURCE WesBanco, Inc.

FAQ

What is WesBanco's ranking in Forbes' Best Banks in America for 2021?

WesBanco is ranked 12th in Forbes' Best Banks in America for 2021.

When was WesBanco founded?

WesBanco was founded in 1870.

What financial metrics were used for the Forbes ranking?

The ranking was based on ten metrics, including return on average assets and capital ratios, as of September 30, 2020.

How many individuals and businesses did WesBanco assist during the pandemic?

WesBanco assisted over 10,000 individuals and businesses during the pandemic.

How many years has WesBanco been on the Forbes list?

WesBanco has been on the Forbes Best Banks in America list for 11 years since its inception in 2010.