WHEELING, W.Va., Dec. 17, 2013 /PRNewswire/ -- 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 2010 - 2012, the highest rating awarded by federal regulators.
The FDIC's CRA examination of WesBanco Bank, Inc., dated July 8, 2013, measured the bank's performance in meeting community credit needs. This is WesBanco Bank's fifth consecutive Outstanding rating. In 2012, only 8.2% of all banks in the U.S. examined for compliance with the CRA received an "Outstanding" rating on its federal examination. Through October of this year, only 4.9% of banks have achieved this 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.