WesBanco, Inc. Announces Approval of a New Stock Repurchase Program
WesBanco has authorized a new stock repurchase plan for up to 1.7 million shares, adding to an existing program with the same amount remaining. This combined authorization represents about 5.0% of outstanding shares. The repurchase will be at WesBanco's discretion, allowing for flexibility based on market conditions. Funding for the buyback may come from cash balances and other liquidity sources. The program does not have an expiration date and is flexible in its execution methods.
- Authorization for an additional 1.7 million share buyback enhances shareholder value.
- Combined repurchase program encompasses approximately 5.0% of outstanding shares, potentially boosting stock price.
- None.
WHEELING, W.Va., April 22, 2021 /PRNewswire/ -- WesBanco, Inc. ("WesBanco") (Nasdaq: WSBC), a diversified, multi-state bank holding company, announced that the Board of Directors has authorized the adoption of a new stock repurchase plan for the purchase of up to an additional 1.7 million shares of WesBanco common stock from time to time on the open market. This new stock repurchase authorization is in addition to the existing stock repurchase program approved by WesBanco's Board of Directors on December 19, 2019 which has approximately 1.7 million shares remaining for repurchase and will continue to be utilized until such authorization is completed. The combination of these two authorizations represents approximately
As permitted by securities laws and other legal requirements and subject to market conditions and other factors, the timing, price and quantity of purchases will be at WesBanco's discretion. The repurchase program does not obligate WesBanco to repurchase any minimum number of shares and may be modified, suspended, or discontinued at any time. Repurchases under the program may be effected through open market purchases, privately-negotiated transactions, block purchases, Rule 10b5-1 plans, or otherwise in accordance with applicable securities laws. Repurchases under this program may be funded from one or a combination of existing cash balances and other available liquidity sources. The stock repurchase plan is not subject to an expiration date.
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
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SOURCE WesBanco, Inc.
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