WHEELS, W.Va., 12 October 2021 / PRNewswire / – WesBanco, Inc. (Nasdaq: WSBC), a diversified, multi-state banking holding company, has announced that its subsidiary, WesBanco Bank Community Development Corporation (âWesBanco CDCâ), is recognized globally by the American Bankers Association Foundation (“ABA Foundation”) with a 2021 Community Engagement Award. In recognition of its strong performance and outreach, the ABA Foundation recognized the WesBanco CDC New Markets Loan Program (“NMLP”) as the winner of the Community and Economic Development category, which will be presented at the ABA Annual Convention on October 19e in Tampa, Florida.
“We are extremely pleased to receive this great honor from the American Bankers Association Foundation,” said LaReta J. Lowther, Senior Vice President and Director of Community Development and ARC at WesBanco. âWesBanco’s goal is to promote meaningful, community-driven investments and fund a wide variety of businesses providing essential social and business services to low-income residents. This recognition is a testament to the fact that WesBanco maintains its strong community banking roots and customer-centric philosophy. “
âWesBanco CDC saw an opportunity to improve the lives of its community members and took action,â said Corey Carlisle, Executive Director, ABA Foundation. “Their New Market Loans program has made a significant difference in six states, and we hope their work serves as a model for others in the industry.”
WesBanco prioritizes serving underserved, low-income people, areas and small businesses. This commitment is evidenced by the seven consecutive âOutstandingâ ratings of the WesBanco Bank Community Reinvestment Act, since 2001, the highest rating assigned by banking regulators for the Bank’s performance in meeting the credit needs of the Bank. community. In addition, the NMLP provided opportunities to build relationships with businesses and organizations in the communities.
Through the NMLP, the loan proceeds were used to provide credit for the start-up of new businesses, the expansion of existing businesses, the purchase of equipment and the construction of new manufacturing facilities, medical offices. and veterinarians, retail spaces and restaurants. From May 2021, WesBanco Bank made $ 112.5 million qualified equity investments in CDC WesBanco. In addition, WesBanco CDC provides financial advice to businesses through workshops on management and human resources, financial management, marketing and business technology; as well as participates and sponsors a number of business plan and innovation engine accelerator competitions.
Ms. Lowther continued, âFor over 150 years, WesBanco has maintained its commitment to the success of the communities in which we live and do business. Using the NMTC program, CDC WesBanco is able to grant loans to qualifying businesses with non-compliant conventional terms, including below-market interest rates, reduced fees, and extended repayment terms. “
The NMLP is made possible by the rewards of the New Markets Tax Credit Program (“NMTC”), established by the United States Congress in december 2000, which allows individuals and businesses to claim a non-refundable federal income tax credit for their equity investments in vehicles known as community development entities (“CDEs”) . CDEs that receive tax credit authorization under the program are national companies or partnerships that provide loans, investments, or financial advice to low-income urban and rural communities. WesBanco CDC, who received four NMTC awards totaling $ 125 million since 2004, has been dedicated to serving urban and rural areas across the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia.
Nominations for the ABA Foundation Community Service Award were submitted in six categories, including affordable housing, community and economic development, financial education, economic inclusion, protection of elderly 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 Service Awards, visit aba.com/awards.
About WesBanco, Inc.
Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a diverse and balanced financial services company that offers great banking capabilities with a community banking feel. Our distinct long-term growth strategies are built on unique sustainable advantages that allow us to cover six states with significant market share. Building on our âBetter Bank Commitment,â our customer-centric service culture is focused on developing long-term relationships by committing to respond effectively and efficiently to all of the needs of personal and business customers. In addition to a full range of online and mobile banking options and a full range of business products and services, WesBanco provides trust, wealth management, securities brokerage and private banking services through the ” intermediary of our century-old fiduciary and investment services department, with approximately $ 5.5 billion of assets under management (at June 30th, 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.
SOURCE WesBanco, Inc.