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Tags: US | WesBanco | Bailout | West | Virginia

WesBanco Pays $950,000 to Exit Bailout Program

Thursday, 24 December 2009 09:40 AM

WesBanco Inc. says it's completely out of the U.S. Treasury's bank bailout program.

The Wheeling-based company says in a regulatory filing Wednesday that it bought back a warrant for more than 439,000 shares of stock from the Treasury for $950,000.

In September, WesBanco bought back more than $75 million worth of preferred stock sold to the Treasury as part of Troubled Asset Relief Program designed to jump-start lending after the 2008 financial crisis.

At the time, WesBanco said it wanted out of TARP for a variety of reasons, including public perception that it was in financial trouble and because dividends on the preferred shares were hurting profits.

WesBanco has about $5.7 billion in assets and 114 branches in West Virginia, Ohio and Pennsylvania.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


FinanceNews
WesBanco Inc. says it's completely out of the U.S. Treasury's bank bailout program.The Wheeling-based company says in a regulatory filing Wednesday that it bought back a warrant for more than 439,000 shares of stock from the Treasury for $950,000.In September, WesBanco...
US,WesBanco,Bailout,West,Virginia
123
2009-40-24
Thursday, 24 December 2009 09:40 AM
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