Wesbanco Inc 8-K, filed Feb 24, 2022
Wesbanco Inc (WSBC)
About this 8-K
Wesbanco Inc filed this 8-K on February 24, 2022.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events
Wesbanco, Inc. (“Wesbanco”) issued a press release today announcing an increase in the quarterly cash dividend rate to be paid to its shareholders to $0.34 per common share from the previous quarterly dividend rate of $0.33 per common share, or a 3.0% increase. The increased dividend will be payable on April 1, 2022 to shareholders of record on March 11, 2022. The press release announcing the increase in the quarterly cash dividend rate is attached as Exhibit 99.1 to this report and is incorporated by reference herein.
In addition, on February 24, 2022, Wesbanco issued a second press release announcing that its Board of Directors approved a new stock repurchase program and authorized the repurchase of up to an additional 3.2 million shares of Wesbanco common stock. The press release announcing the new stock repurchase program is attached as Exhibit 99.2 to this report report and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
104 – Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Wesbanco, Inc. |
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February 24, 2022 |
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/s/ Daniel K. Weiss, Jr. |
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Daniel K. Weiss, Jr. |
WesBanco Declares Increase in Quarterly Cash Dividend to Its Shareholders
Wheeling, W.Va., February 24, 2022 – WesBanco, Inc. (Nasdaq:WSBC), a diversified, multi-state bank holding company announced today that its Board of Directors has approved a 3.0% increase in the quarterly cash dividend to $0.34 per common share from the previous quarterly dividend of $0.33 per common share. The higher dividend rate will be payable on April 1, 2022 to shareholders of record on March 11, 2022. This is the fifteenth increase in the quarterly dividend since 2010, and represents a cumulative increase of 143% over that period.
The WesBanco Board of Directors approved this most recent cash dividend increase based in part on the Company’s strong capital position and net income. The new cash dividend represents an annualized cash dividend rate of $1.36 per common share. Based upon yesterday’s closing common stock price of $35.52, the new dividend equates to a yield of approximately 3.8%.
About WesBanco, Inc.
Founded in 1870, WesBanco, Inc. (www.wesbanco.com) 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. 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 $5.6 billion of assets under management (as of December 31, 2021). WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 205 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.
SOURCE: WesBanco, Inc.
WesBanco Company Contact:
John H. Iannone
Senior Vice President, Investor and Public Relations
304-905-7021
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WesBanco, Inc. Announces Approval of a New Stock Repurchase Program
Wheeling, W.Va., February 24, 2022 – WesBanco, Inc. (“WesBanco”) (Nasdaq:WSBC), a diversified, multi-state bank holding company, announced that the Board of Directors has authorized the adoption of a new stock repurchase plan for the purchase of up to an additional 3.2 million shares of WesBanco common stock from time to time on the open market. This new stock repurchase authorization is in addition to the existing stock repurchase program approved by WesBanco’s Board of Directors on August 26, 2021 which has approximately 0.2 million shares remaining for repurchase and will continue to be utilized until such authorization is completed. The combination of these two authorizations represents approximately 5.4% of the shares outstanding, as of December 31, 2021.
The timing, price, and quantity of purchases will be at WesBanco’s discretion, subject to market conditions and other factors. The repurchase program does not obligate WesBanco to repurchase any minimum number of shares and may be modified, suspended, or discontinued at any time. Repurchases under the program may be effected through open market purchases, privately-negotiated transactions, block purchases, Rule 10b5-1 plans, or otherwise in accordance with applicable securities laws and other legal requirements. Repurchases under this program may be funded from a combination of existing cash balances and other available liquidity sources. The stock repurchase plan is not subject to an expiration date.
About WesBanco, Inc.
Founded in 1870, WesBanco, Inc. (www.wesbanco.com) 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. 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 $5.6 billion of assets under management (as of December 31, 2021). WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 205 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.
SOURCE: WesBanco, Inc.
WesBanco Company Contact:
John H. Iannone
Senior Vice President, Investor and Public Relations
304-905-7021
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