| WesBanco | |
| Type: | Public company |
| Traded As: | NASDAQ: Russell 2000 Component |
| Industry: | Banking |
| Foundation: | as "The German Bank" as WesBanco |
| Location: | Wheeling, West Virginia, U.S. |
| Key People: | [1] |
| Revenue: | $286 million (2016) |
| Net Income: | $0.086 billion (2016) |
| Assets: | $14.900 billion (2018) |
| Equity: | $1.341 billion (2016) |
| Num Employees: | 2,426 |
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 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.
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. In 1968, WesBanco, Inc. was incorporated.
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]