Evaluation recognizes overall superior performance in
community lending, investment and service
WHEELING, W.Va., May 2, 2023
/PRNewswire/ -- WesBanco, Inc. (Nasdaq: WSBC), a diversified,
multi-state bank holding company, announces that its affiliate,
WesBanco Bank, has once again earned the highest composite rating
of "Outstanding" from the Federal Deposit Insurance Corporation
(FDIC) for its work in meeting the credit needs of the communities
in which it operates, including low- and moderate-income
neighborhoods.
Through the Community Reinvestment Act (CRA), the FDIC evaluates
a financial institution's record of helping to meet the credit
needs of the local communities where the bank operates. WesBanco
has earned the top ranking for eight consecutive evaluation
periods, with the most recent evaluation period from July 2019 to November
2022.
"At WesBanco, we are committed to helping build vibrant,
successful communities, so we are proud to receive once again the
FDIC's highest Community Reinvestment Act rating for our efforts to
support economic growth and financial inclusion in the areas we
serve, particularly in low- and moderate-income areas," said
Todd Clossin, WesBanco President and
Chief Executive Officer. "Our community banking roots are more than
150 years strong, and this rating reflects our team's ongoing
commitment to providing funding, programs and employee volunteerism
that help people and businesses in all of our communities."
WesBanco was evaluated on its operations in six states:
Ohio, Maryland, Pennsylvania, West
Virginia, Kentucky and
Indiana. Examiners used the Large
Institution CRA Examination Procedures, which consist of three
tests: Lending, Investment and Service. Among the highlights of the
FDIC's evaluation of WesBanco:
- Lending: WesBanco was cited as a leader in making
community development loans that significantly impact the
communities it serves. During the evaluation period, the bank
extended more than 650 community development loans totaling
approximately $1.5 billion. It offers
innovative, flexible products to address needs within the
assessment areas, such as the WesBanco CRA Freedom Series loan
products designed with special underwriting criteria and reduced
fees to meet the needs of low- and moderate-income borrowers.
- Investment: The evaluation recognized WesBanco for
having a significant level of qualified investments and grants that
demonstrate responsiveness to the credit and community development
needs of the assessment areas. During the evaluation period, the
bank made more than 1,100 qualified investments (including
donations) totaling approximately $170
million. For example, the WesBanco Bank Community
Development Corporation endowed $350,000 to fund a grant program for non-profit
organizations providing emergency relief to individuals and
communities affected by the COVID-19 pandemic.
- Service: WesBanco was cited for having services
tailored to the convenience and needs of the assessment areas,
particularly low- and moderate-income geographies and individuals,
with delivery systems accessible to all portions of the communities
served. Additionally, WesBanco employees contributed nearly 30,000
hours of qualified community development services during the
evaluation period.
Copies of the performance evaluation more fully describing the
FDIC's examination conclusions are available to the public in each
of WesBanco's branches as part of the bank's Public File or by
contacting LaReta J. Lowther, Senior
Vice President, Director of Community Development and CRA at
lowther@wesbanco.com.
About WesBanco, Inc.
Founded in 1870, WesBanco, Inc. 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.
Furthermore, our strong financial performance and employee focus
has earned us recognition by Forbes as both one of America's Best
Banks and Best Midsize Employers. 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 $4.9 billion of assets
under management (as of December 31,
2022). WesBanco's banking subsidiary, WesBanco Bank, Inc.,
operates 194 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. Learn more at
www.wesbanco.com. Follow @WesBanco on Facebook, LinkedIn and
Twitter.
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SOURCE WesBanco, Inc.