WesBanco
 | |
 Headquarters of WesBanco located at 1 Bank Plaza, Wheeling, West Virginia. | |
| Company type | Public company |
|---|---|
| Template:NASDAQ Russell 2000 Component | |
| Industry | Banking |
| Founded | 1870 originally 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 |  $586.9 million (2024)[1] |
 $151.5 million (2024)[1] | |
| Total assets | $18.684 billion (2024)[1] |
| Total equity | $2.790 billion (2024)[1] |
Number of employees | 2,195[1] |
| Website | www |
WesBanco, Inc., based in Wheeling, West Virginia, operates as a publicly listed bank holding company with a network exceeding 200 branches spread throughout West Virginia, Ohio, Western Pennsylvania, Kentucky, Maryland, and Southern Indiana.[1]
It holds the position of the second-largest bank headquartered in West Virginia and ranks third in deposit volume within the state, following only behind Truist Bank and United Bank.[2]
In addition to conventional banking services, WesBanco provides insurance and investment solutions.[1]
The company is also the namesake sponsor of the WesBanco Arena, which serves as the venue for the Wheeling Nailers hockey team.
History
Established on January 20, 1870, under the name "The German Bank," the institution experienced multiple rebrandings: it was renamed "Wheeling Bank & Trust Company" in 1918 and later merged with Dollar Savings & Trust Company in 1933 to create Wheeling Dollar Savings & Trust Company.[3] The incorporation of WesBanco, Inc. occurred in 1968.[1]
Strategic acquisitions have broadened its regional presence: First National Bank of Barnesville, Ohio was acquired in 1992; Western Ohio Financial Corporation—the parent company of Cornerstone Bank—was purchased for $65.2 million in 2004; Oak Hill Financial was bought for $201 million in 2007.[4][5][6]
Amid the 2008 financial crisis, WesBanco accepted a $75 million infusion through the Troubled Asset Relief Program (TARP), repurchasing the majority of this investment by September 2009.[7]
In March 2009, it expanded by acquiring Columbus-area branches from the defunct AmTrust Bank.[8]
Additional growth initiatives included mergers with Fidelity Bancorp in Pittsburgh (2012), ESB Financial Corporation based in Ellwood City, Pennsylvania (2015), Your Community Bankshares serving Kentucky and Southern Indiana (2016), First Sentry Bancshares from Huntington, West Virginia (2018), and Old Line Bank located in Maryland (2019).[9][10][11][12][13]
External links
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 "WesBanco, Inc. 2024 Annual Report" (PDF). WesBanco.
- ↑ "Deposit Market Share Report". Federal Deposit Insurance Corporation.
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs namedwesbanco_history - ↑ "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.