WesBanco Announces Outstanding Community Reinvestment Act Rating
WHEELING, W.Va., Aug. 12 /PRNewswire-FirstCall/ -- Paul M. Limbert, WesBanco, Inc. (Nasdaq: WSBC), President & CEO, announced today that the Federal Deposit Insurance Corporation (FDIC) has awarded WesBanco affiliate, WesBanco Bank, Inc., a composite "Outstanding" rating for its Community Reinvestment Act (CRA) performance in 2007-2009, the highest rating awarded by federal regulators.
The FDIC's CRA examination of WesBanco Bank, Inc., dated March 15, 2010, measured the bank's performance in meeting community credit needs. This is WesBanco Bank's fourth consecutive Outstanding rating.
The FDIC directly examines and supervises more than 4,900 banks and savings banks for operational safety and soundness, more than half of the institutions in the banking system. Of the more than 1,400 banks it examined in 2009, only 5% received an Outstanding rating.
Mr. Limbert said, "WesBanco is proud to have the efforts of its staff recognized by the Outstanding rating. In today's challenging economic environment, it has become even more important for banks to fulfill their commitments under the CRA – to return vital capital to all segments of the communities we serve, especially in low- and moderate-income areas, and to ensure small businesses receive the funding they need to stay competitive and to keep Americans working. WesBanco is committed to the success of the communities in which we do business, and we are pleased that our efforts to support these communities have been recognized by the FDIC."Categorized as a large bank under the CRA, WesBanco's performance in community lending, investing and service was reviewed by the FDIC. The composite score for the CRA performance is derived from the collective results of three independent tests that are performed to evaluate the bank's lending support of the communities served, investment in those communities and service to those communities by bank employees.
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