Tags: US | WesBanco | Bailout | West | Virginia

WesBanco Pays $950,000 to Exit Bailout Program

Thursday, 24 Dec 2009 09:40 AM

WesBanco Inc. says it's completely out of the U.S. Treasury's bank bailout program.

The Wheeling-based company says in a regulatory filing Wednesday that it bought back a warrant for more than 439,000 shares of stock from the Treasury for $950,000.

In September, WesBanco bought back more than $75 million worth of preferred stock sold to the Treasury as part of Troubled Asset Relief Program designed to jump-start lending after the 2008 financial crisis.

At the time, WesBanco said it wanted out of TARP for a variety of reasons, including public perception that it was in financial trouble and because dividends on the preferred shares were hurting profits.

WesBanco has about $5.7 billion in assets and 114 branches in West Virginia, Ohio and Pennsylvania.

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WesBanco Inc. says it's completely out of the U.S. Treasury's bank bailout program.The Wheeling-based company says in a regulatory filing Wednesday that it bought back a warrant for more than 439,000 shares of stock from the Treasury for $950,000.In September, WesBanco...
US,WesBanco,Bailout,West,Virginia
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2009-40-24
Thursday, 24 Dec 2009 09:40 AM
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