Wesbanco Inc 8-K, filed Feb 27, 2020
Wesbanco Inc (WSBC)
About this 8-K
Wesbanco Inc filed this 8-K on February 27, 2020.
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
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Item 8.01 Other Events
Wesbanco, Inc. issued a press release today announcing an increase in the quarterly cash dividend rate to be paid to its shareholders to $0.32 per common share from the previous quarterly dividend rate of $0.31 per common share, or a 3.2% increase. The increased dividend will be payable on April 1, 2020 to shareholders of record on March 13, 2020. 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.
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 hereunto duly authorized.
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Wesbanco, Inc. |
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(Registrant) |
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Date: February 27, 2020 |
/s/ Robert H. Young |
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Robert H. Young |
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Executive Vice President and |
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Chief Financial Officer |
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WesBanco Declares Increase in Quarterly Cash Dividend to Its Shareholders
Wheeling, WV, February 27, 2020 – WesBanco, Inc. (Nasdaq:WSBC), a diversified, multi-state bank holding company announced today that its Board of Directors has approved a 3.2% increase in the quarterly cash dividend to $0.32 per common share from the previous quarterly dividend of $0.31 per common share. The higher dividend rate will be payable on April 1, 2020 to shareholders of record on March 13, 2020. This is the thirteenth increase in the quarterly dividend since 2010, and represents a cumulative increase of 129% over that period.
The WesBanco Board of Directors approved this most recent cash dividend increase based in part on the Company’s strong earnings and regulatory capital positions. The new cash dividend represents an annualized cash dividend rate of $1.28 per common share. Based upon yesterday’s closing common stock price of $32.12, the new dividend equates to a yield of approximately 4.0%.
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 $4.7 billion of assets under management (as of December 31, 2019). WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 236 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