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Wesbanco Repurchases $75M In Stock From Treasury

By: Associated Press
By: Associated Press

Wheeling, W.Va. (AP) -- Wesbanco says it's bought back more than $75 million worth of preferred stock from the U.S. Treasury.

Wheeling-based Wesbanco said Wednesday it also hopes to repurchase a warrant that could allow the treasury to buy additional shares.

Wesbanco sold the stock and warrants to the government in December as part of the troubled asset relief program, which was designed to jump-start lending.

Wesbanco says it bailed out of the program 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 says it expects a charge of $2.3 million, or 9 cents per share, in the third quarter.

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

(Copyright 2009 by the Associated Press. All rights reserved.)


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