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WesBanco Earns Eighth “Outstanding” FDIC Community Reinvestment Act Rating
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 firstname.lastname@example.org.
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.