WHEELING, W.Va., June 20, 2011 /PRNewswire/ -- Paul M. Limbert, President & CEO, WesBanco, Inc. and WesBanco Bank, Inc., Wheeling, WV, is pleased to announce that WesBanco recently received The Federal Deposit Insurance Corporation (FDIC) 2011 Chairman's Award for Excellence. The award recognizes the work of FDIC-insured financial institutions and their staffs who are instrumental in creating and promoting programs that meet the credit and deposit needs of low- and moderate-income (LMI) consumers. WesBanco was one of only three banks in the country to be recognized for this achievement.
WesBanco and its Community Development Department were honored for the award "Excellence in Affordable Credit for LMI Consumers" for creating the CRA Freedom Series Loan products. Representing WesBanco at the awards dinner hosted by the FDIC in Washington, DC were: Robert H. Young, EVP & CFO, Joseph P. Flynn, SVP, LaReta J. Lowther, VP-CRA Compliance, Lisa M. Werner, AVP-CRA Mortgage Officer and Jayme L. Payton, Community Development Officer.
WesBanco has a longstanding history of making loan funding available to borrowers and of serving the needs of its communities through both economic support and employee outreach. The FDIC award is the culmination of a decade of Freedom Loan related service to the customers and communities served by WesBanco.
In 2001, in an effort to be more responsive to the critical financing needs of low- and moderate-income borrowers within WesBanco's footprint, the bank created a series of loan products collectively known as the WesBanco CRA Freedom Series Loan Products. There are three products offered in the series: The CRA Freedom Mortgage, the CRA Freedom Modernization Home Improvement Loan, and the CRA Freedom Auto Loan.Each product provides flexible underwriting criteria to help lower-income individuals obtain needed credit. The CRA Freedom Auto Loan is limited to low- and moderate-income persons. The CRA Freedom Mortgage and the CRA Freedom Modernization Home Improvement Loan products are available to LMI persons and available to persons of higher incomes that reside in LMI census tracts (owner-occupied properties only). This not only encourages improvement of the housing stock in the LMI areas, but also promotes the integration of mixed-income neighborhoods in LMI areas.