Welcome to our dedicated page for Wesbanco news (Ticker: WSBC), a resource for investors and traders seeking the latest updates and insights on Wesbanco stock.
WesBanco Inc. operates as a diversified, multi-state bank holding company through WesBanco Bank, providing retail and commercial banking, mortgage banking, trust, brokerage, wealth management and insurance services. News about WSBC commonly centers on quarterly earnings, net interest margin, loan and deposit trends, credit costs, commercial real estate payoffs, and the performance of its Community Banking and Trust and Investment Services businesses.
Company updates also cover market expansion, including commercial banking growth in South Florida; common and Series B preferred stock dividends; executive and risk-management leadership; and recognition tied to regional banking, community reinvestment and customer service. WesBanco's completed Premier Financial acquisition is a recurring context for merger-related expenses, acquired loans and pro forma financial comparisons.
Wesbanco, Inc. (WSBC) announced the pricing of a public offering of 6,000,000 depositary shares, each representing a 1/40th interest in a share of 6.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, totaling $150 million. The offering will close on August 11, 2020, with dividends payable quarterly starting November 15, 2020. The net proceeds will support general corporate purposes, including refinancing debt and capital expenditures. Wesbanco intends to list the depositary shares on Nasdaq under the symbol WSBCP.
WesBanco, Inc. reported second quarter 2020 net income of $4.5 million ($0.07 per diluted share), a significant decline from $44.8 million ($0.82) in Q2 2019. For the six months, net income fell to $27.9 million ($0.41 per share) versus $85.2 million ($1.56) last year. The adoption of the CECL accounting standard impacted earnings. However, pre-tax, pre-provision income grew 15.7% year-over-year to $66.8 million. Organic loan growth was 11.3%, boosted by SBA PPP loans totaling $837 million.
On July 7, 2020, WesBanco, Inc. (NASDAQ: WSBC) announced its affiliate WesBanco Bank has received the 2020 America Saves Designation of Savings Excellence. The award recognizes financial institutions that effectively encourage customers to save money. WesBanco's partnership with America Saves has spanned over 14 years, promoting savings in six states. In the most recent America Saves Week, it helped nearly 125,000 customers deposit $363.8 million into savings accounts. This marks the fifth consecutive year that WesBanco has received this honor, highlighting its commitment to community financial wellbeing.
WesBanco, Inc. (Nasdaq: WSBC) announced a conference call scheduled for July 23, 2020, at 10:00 a.m. ET to discuss its second-quarter financial results. The earnings report will be released after market close on July 22, 2020. Interested investors can join the call by dialing designated numbers or through a live webcast on the company's website. A replay will be available shortly after the call. WesBanco, founded in 1870, operates across six states with a comprehensive range of financial services.
WesBanco, Inc. (Nasdaq: WSBC) has been named one of the World's Best Banks by Forbes for the second consecutive year based on customer satisfaction. The rankings were derived from a survey conducted by Statista involving over 40,000 customers worldwide, evaluating their banking experiences. WesBanco excelled in customer services, financial advice, and digital services. This recognition highlights the bank's commitment to customer satisfaction and long-term relationships, as well as its range of financial products and services across six states.