WHEELING, W.Va., Oct. 12, 2021 /PRNewswire/ -- WesBanco, Inc.
(Nasdaq: WSBC), a diversified, multi-state bank holding company,
announced that its affiliate, WesBanco Bank Community Development
Corporation ("WesBanco CDC"), was nationally recognized by the
American Bankers Association Foundation ("ABA Foundation") with a
2021 Community Commitment Award. In recognition of its strong
performance and outreach, the ABA Foundation recognized WesBanco
CDC's New Markets Loan Program ("NMLP") as the winner of the
Community and Economic Development category, which will be
presented during the ABA's Annual Convention on October 19th in Tampa, FL.
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"We are extremely pleased to receive this great honor from the
American Bankers Association Foundation," said LaReta J. Lowther, WesBanco's Senior Vice
President & Director of Community Development & CRA.
"WesBanco's goal is to promote meaningful, community-driven
investments and fund a wide variety of businesses providing
critical social and commercial services to low-income
residents. This recognition is a testament to WesBanco
maintaining its strong community banking roots and customer-focused
philosophy."
"WesBanco CDC saw an opportunity to improve the lives of those
in its community and took action," said Corey Carlisle, executive director, ABA
Foundation. "Its New Markets Loan Program made a meaningful
difference across six states, and we hope their work serves as a
blueprint for others throughout the industry."
WesBanco prioritizes serving underserved and low income persons,
areas, and small businesses. This commitment is demonstrated by
WesBanco Bank's seven consecutive "Outstanding" Community
Reinvestment Act ratings, since 2001, the highest rating awarded
from bank regulators for the Bank's performance in meeting
community credit needs. Further, the NMLP has provided
opportunities to build relationships with businesses and
organizations in the communities.
Through the NMLP, loan proceeds have been used to provide credit
for new business start-ups, expansion of existing businesses,
purchases of equipment, and construction of new manufacturing
facilities, medical and veterinary offices, retail space, and
restaurants. As of May 2021,
WesBanco Bank has made $112.5 million
of Qualified Equity Investments in the WesBanco CDC. In
addition, WesBanco CDC provides financial counseling to businesses
through workshops that address management and human resources,
financial management, marketing, and business technology; as well
as participates in and sponsors a number of business plan
competitions and innovation engine accelerators.
Ms. Lowther continued, "For more than 150 years, WesBanco has
maintained its commitment to the success of the communities in
which we live and do business. Utilizing the NMTC program,
the WesBanco CDC is able to provide loans to qualifying businesses
with non-conventional, non-conforming terms and conditions,
including below-market interest rates, reduced fees, and extended
repayment terms."
The NMLP is made possible by awards from the New Markets Tax
Credit Program ("NMTC"), established by the United States Congress
in December 2000, which permits
individual and corporate taxpayers to receive a non-refundable tax
credit against federal income taxes for making equity investments
in vehicles known as Community Development Entities ("CDEs").
CDEs that receive the tax credit allocation authority under the
program are domestic corporations or partnerships that provide
loans, investments, or financial counseling in low-income urban and
rural communities. WesBanco CDC, which has received four NMTC
awards totaling $125 million since
2004, is dedicated to serving the urban and rural areas across the
states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia.
ABA Foundation Community Commitment Award entries were submitted
in six categories including affordable housing, community and
economic development, financial education, economic inclusion,
protecting older Americans, and volunteerism. The selection
committee chose the winning institutions based on the creativity
and thoughtfulness of programs that embody the ideals of corporate
social responsibility and demonstrate success in measurable
terms. To learn more about the ABA Foundation Community
Commitment Awards, visit aba.com/awards.
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 $5.5 billion of
assets under management (as of June
30, 2021). WesBanco's banking subsidiary, WesBanco
Bank, Inc., operates 206 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.
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SOURCE WesBanco, Inc.