WesBanco

WesBanco, Inc., is a bank holding company headquartered in Wheeling, West Virginia. It has over 200 branches in West Virginia, Ohio, Western Pennsylvania, Kentucky, Maryland and Southern Indiana.[1]

WesBanco
TypePublic company
NASDAQ: WSBC
Russell 2000 Component
IndustryBanking
Founded1870 (1870) as "The German Bank"
1968 (1968) as WesBanco
HeadquartersWheeling, West Virginia, U.S.
Key people
 James C. Gardill, Chairman
Todd F. Clossin, CEO & President
Robert H. Young, CFO[1]
Revenue $286 million (2016)[1]
$0.086 billion (2016)[1]
Total assets $14.900 billion (2018)[1]
Total equity $1.341 billion (2016)[1]
Number of employees
1,928[1]
Websitewww.wesbanco.com

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".[3] In 1968, WesBanco, Inc. was incorporated.[1]

In July 1992, the company acquired First National Bank of Barnesville, Ohio.[4]

In 2004, the company acquired Western Ohio Financial Corporation, the parent company of Cornerstone Bank, for $65.2 million.[5]

In 2007, the company acquired Oak Hill Financial for $201 million in cash and stock.[6]

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.[7]

In March 2009, the company acquired branches in Columbus, Ohio, from AmTrust Bank, which was being liquidated.[8]

In November 2012, the company acquired Fidelity Bancorp, expanding into the Pittsburgh area.[9]

In February 2015, the company further expanded its Pittsburgh-area presence with the acquisition of Ellwood City, Pennsylvania-based ESB Financial Corporation.[10]

In September 2016, the company expanded into Kentucky and Southern Indiana with the acquisition of Your Community Bankshares.[11]

On April 5 of 2018, the company acquired First Sentry Bancshares, Inc. (of Huntington, West Virginia).[12]

On November 14, 2019, the company announced the impending merger with Maryland-based Old Line Bank with WesBanco being the surviving entity.[13]

References
  1. "WESBANCO, INC. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Deposit Market Share Report". Federal Deposit Insurance Corporation.
  3. "History". WesBanco. Retrieved 2020-04-09.
  4. "Wesbanco acquires bank in eastern Ohio". American Banker. July 21, 1992.(subscription required)
  5. "WesBanco to acquire Cornerstone Bank". American City Business Journals. April 2, 2004.
  6. Mahadevan, Neetha (July 20, 2007). "WesBanco to buy Oak Hill for $201 mln". Reuters.
  7. "WesBanco completes pullout from US Treasury's TARP". The San Diego Union-Tribune. Associated Press. December 24, 2009.
  8. "WesBanco closes deal to buy AmTrust branches". American City Business Journals. March 27, 2009.
  9. "WesBanco, Inc. Consummates Merger with Fidelity Bancorp, Inc. and Elects Director and Senior Officers" (Press release). PRNewswire. November 30, 2012.
  10. "WesBanco, Inc. Consummates Merger with ESB Financial Corporation and Appoints Directors" (Press release). PRNewswire. February 10, 2015.
  11. "WesBanco, Inc. Consummates Merger with Your Community Bankshares, Inc. and Appoints Directors" (Press release). PRNewswire. September 9, 2016.
  12. "WesBanco, Inc. Announces Agreement and Plan of Merger with First Sentry Bancshares, Inc" (Press release). PRNewswire. November 13, 2017.
  13. https://www.globenewswire.com/news-release/2019/11/14/1947623/0/en/WesBanco-Inc-and-Old-Line-Bancshares-Inc-Announce-Regulatory-Approvals-for-Pending-Merger.html
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