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Wesbanco (Nasdaq: WSBC) has priced a public offering of 9,200,000 depositary shares at $25 per share, representing interests in its 7.375% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B. The total offering amounts to $230 million.
The Series B Preferred Stock will pay dividends quarterly at 7.375% per annum until October 1, 2030, after which the rate will reset to the five-year treasury rate plus 3.795%. Wesbanco plans to use $150 million to redeem its Series A Preferred Stock, $50 million to redeem its 4.0% Fixed-To-Floating Rate Subordinated Notes, with remaining proceeds for general corporate purposes.
The offering is expected to close around September 17, 2025, and the depositary shares will be listed on Nasdaq under the symbol "WSBCPB".
