WesBanco Overview and Recent Developments

WesBanco is a community bank that has been serving the Mid-Atlantic and Southeast regions of the United States for over 130 years.

The bank has a long history of stability and growth, having survived the Great Depression and multiple economic downturns.

WesBanco has a strong presence in its local communities, with over 200 locations across five states.

The bank offers a range of financial services, including banking and mortgage services, to individuals, businesses, and organizations.

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WesBanco's financials have seen significant growth over the years. By 2024, it had $17.71 billion in assets, making it the wealthiest West Virginia-based banking institution.

The bank's assets have more than tripled since its early days, when Wheeling Dollar Savings & Trust had assets exceeding $19 million in 1933. This growth is a testament to WesBanco's strategic acquisitions and expansions.

WesBanco's extensive network of branches continues to expand, with a presence in seven states. It has 54 branches in West Virginia, 65 in Ohio, and 45 in Maryland, among others.

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WesBanco has declared a quarterly cash dividend on its 6.75% Non-Cumulative Perpetual Preferred Stock, Series A. The dividend is for the period from November 15, 2024, to February 15, 2025.

The dividend equates to $0.421875 per depositary share, or $16.875 per share of the Series A Preferred Stock outstanding. It will be paid on February 15, 2025, to shareholders of record as of February 1, 2025.

The dividend payment is a quarterly occurrence, and WesBanco has a history of consistent dividend payments to preferred shareholders. This is a testament to the company's financial stability and commitment to its shareholders.

Here are the key details of the dividend payment:

WesBanco is a multi-state bank holding company with its roots dating back to 1870, when it was first called the German Bank.

It has a long history of growth and expansion, with the name changing to Wheeling Bank & Trust Company in 1918.

In 1923, Wheeling Bank & Trust Company acquired the Bank of the Ohio Valley, and a decade later, it merged with Dollar Savings & Trust to form the Wheeling Dollar Savings & Trust Company.

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This bank had assets exceeding $19 million at the time, making it the largest bank in West Virginia.

WesBanco continued to grow through acquisitions, including Citizens Mutual in 1939 and National Exchange Bank in 1949.

By 1968, WesBanco was incorporated, and it became a bank holding company in 1976.

After branch banking was legalized in West Virginia in 1982, WesBanco acquired branches in the Northern Panhandle and Ohio Valley.

Today, WesBanco has a significant presence in West Virginia, with 54 branches across the state.

WesBanco's assets have grown significantly over the years, reaching $17.71 billion by 2024, making it the wealthiest West Virginia-based banking institution.

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WesBanco has received positive reviews from customers, with many praising the bank's customer service and online banking capabilities. WesBanco's customer service team is available to assist with any questions or concerns, providing a helpful and supportive experience for customers.

The bank's online banking platform is user-friendly and accessible, allowing customers to easily manage their accounts and conduct financial transactions from the comfort of their own homes. This convenience has been a major draw for many customers.

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WesBanco's mobile banking app has also been well-received, offering customers the ability to check balances, pay bills, and transfer funds on the go. The app is available for both iOS and Android devices, making it accessible to a wide range of users.

Many customers have praised WesBanco's commitment to community development, citing the bank's involvement in local charitable initiatives and economic development projects. This commitment to giving back to the community has helped to build trust and loyalty among customers.

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WesBanco has a rich history dating back to 1870 when it was initially chartered as "The German Bank".

The company has undergone significant transformations over the years, with notable name changes including "Wheeling Bank & Trust Company" in 1918 and "Wheeling Dollar Savings & Trust Company" in 1933 after merging with Dollar Savings & Trust Company.

In 1968, WesBanco, Inc. was incorporated, marking a new chapter in the company's evolution.

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The company expanded its reach in 1992 with the acquisition of First National Bank of Barnesville, Ohio.

WesBanco's growth continued in 2004 with the acquisition of Western Ohio Financial Corporation, the parent company of Cornerstone Bank, for $65.2 million.

The company's strategic acquisitions led to significant growth, including the 2007 acquisition of Oak Hill Financial for $201 million in cash and stock.

During the 2007-2008 financial crisis, WesBanco received a $75 million investment from the United States Department of the Treasury as part of the Troubled Asset Relief Program.

WesBanco repurchased most of the investment in September 2009, demonstrating its financial stability.

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

WesBanco's expansion into new markets continued with the acquisition of Fidelity Bancorp in November 2012, expanding its presence in the Pittsburgh area.

The company further expanded its Pittsburgh-area presence with the acquisition of Ellwood City, Pennsylvania-based ESB Financial Corporation in February 2015.

In September 2016, WesBanco expanded into Kentucky and Southern Indiana with the acquisition of Your Community Bankshares.

The company's strategic growth continued with the acquisition of First Sentry Bancshares, Inc. (of Huntington, West Virginia) on April 5, 2018.

WesBanco announced a significant merger with Maryland-based Old Line Bank in November 2019, with WesBanco being the surviving entity.

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