WesBanco
 | |
 WesBanco headquarters at 1 Bank Plaza in Wheeling, West Virginia. | |
| Company type | Public company |
|---|---|
| Nasdaq: WSBC Russell 2000 Component | |
| Industry | Banking |
| Founded | 1870 as "The German Bank" 1968 as WesBanco |
| Headquarters | Wheeling, 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 | 2,426[1] |
| Website | www |
WesBanco, Inc., is a bank holding company headquartered in Wheeling, West Virginia, United States. It has over 200 branches in West Virginia, Ohio, Western Pennsylvania, Kentucky, Maryland, and Southern Indiana.[1]
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 Truist Bank 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
[edit]The company was initially chartered on January 20, 1870, as "The German Bank".[3] In 1918 the bank changed its name to "Wheeling Bank & Trust Company," and in 1933 the bank merged with Dollar Savings & Trust Company forming the Wheeling Dollar Savings & Trust Company. [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 2007–2008 financial crisis, 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, 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
[edit]- ^ a b c d e f g h i "WESBANCO, INC. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "Deposit Market Share Report". Federal Deposit Insurance Corporation.
- ^ a b "History". WesBanco. Retrieved 2020-04-09.
- ^ "Wesbanco acquires bank in eastern Ohio". American Banker. July 21, 1992.(subscription required)
- ^ "WesBanco to acquire Cornerstone Bank". American City Business Journals. April 2, 2004.
- ^ Mahadevan, Neetha (July 20, 2007). "WesBanco to buy Oak Hill for $201 mln". Reuters.
- ^ "WesBanco completes pullout from US Treasury's TARP". The San Diego Union-Tribune. Associated Press. December 24, 2009.
- ^ "WesBanco closes deal to buy AmTrust branches". American City Business Journals. March 27, 2009.
- ^ "WesBanco, Inc. Consummates Merger with Fidelity Bancorp, Inc. and Elects Director and Senior Officers" (Press release). PRNewswire. November 30, 2012.
- ^ "WesBanco, Inc. Consummates Merger with ESB Financial Corporation and Appoints Directors" (Press release). PRNewswire. February 10, 2015.
- ^ "WesBanco, Inc. Consummates Merger with Your Community Bankshares, Inc. and Appoints Directors" (Press release). PRNewswire. September 9, 2016.
- ^ "WesBanco, Inc. Announces Agreement and Plan of Merger with First Sentry Bancshares, Inc" (Press release). PRNewswire. November 13, 2017.
- ^ "WesBanco, Inc. And Old Line Bancshares, Inc. Announce Regulatory Approvals for Pending Merger". 14 November 2019.
External links
[edit]- Business data for WESBANCO, INC.: