WesBanco, Inc. Announces Approval of a New Stock Repurchase Program

Rhea-AI Summary

WesBanco, Inc. (Nasdaq:WSBC) announced a new stock repurchase program authorizing the purchase of up to 3.2 million shares on the open market. This authorization complements the existing program with 0.2 million shares remaining, totaling approximately 5.4% of shares outstanding as of December 31, 2021. The program's execution will depend on market conditions and may involve various purchasing methods. The repurchase plan does not have an expiration date and may be funded through existing cash balances and available liquidity.

Positive

• Authorized repurchase of up to 3.2 million shares to enhance shareholder value.
• Combined repurchase programs represent approximately 5.4% of outstanding shares.
• No expiration date provides operational flexibility for share repurchases.

Negative

• None.

WHEELING, W.Va., Feb. 24, 2022 /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 3.2 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 August 26, 2021 which has approximately 0.2 million shares remaining for repurchase and will continue to be utilized until such authorization is completed.  The combination of these two authorizations represents approximately 5.4% of the shares outstanding, as of December 31, 2021.

The timing, price, and quantity of purchases will be at WesBanco's discretion, subject to market conditions and other factors.  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 and other legal requirements.  Repurchases under this program may be funded from 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 $5.6 billion of assets under management (as of December 31, 2021).  WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 205 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 the new stock repurchase plan for WesBanco (WSBC)?

WesBanco has authorized the repurchase of up to 3.2 million shares, adding to the existing program with 0.2 million shares remaining.

How many shares will WesBanco (WSBC) buy back in total?

The total repurchase authorization comprises approximately 5.4% of the shares outstanding as of December 31, 2021.

Is there an expiration date for the WesBanco (WSBC) stock repurchase program?

No, the stock repurchase program does not have an expiration date.

What factors determine the timing and amount of the WSBC stock repurchase?

The timing, price, and quantity of purchases will depend on market conditions and other factors.