Wesbanco, Inc. Announces $230M Preferred Stock Offering

By Philip Seaworth • Saturday, September 13 11:00 • Permanent Link

Wesbanco, Inc. (NASDAQ/NGS: WSBC) has announced the pricing of a $230 million offering of depositary shares representing interests in preferred stock. The public offering consists of 9,200,000 depositary shares, each representing a 1/40th interest in a share of 7.375% fixed-rate reset non-cumulative perpetual preferred stock, series B, with a liquidation preference of $1,000 per share (equivalent to $25 per depositary share).

Dividends on the series B preferred stock will accrue and be payable quarterly, with a rate of 7.375% per annum from September 17, 2025, to but excluding, October 1, 2030. From October 1, 2030, during each reset period, the rate will be equal to the five-year treasury rate as of the most recent reset dividend determination date plus 3.795% in arrears on each January 1, April 1, July 1, and October 1 of each year.

Wesbanco intends to use approximately $150 million of the net proceeds from this offering to redeem in full its outstanding 6.75% series A fixed-rate reset non-cumulative perpetual preferred stock and the related depositary shares. Additionally, around $50 million of the net proceeds will be used to redeem in full its outstanding 4.0% fixed-to-floating rate subordinated notes due September 30, 2030, which were assumed in connection with its acquisition of Premier Financial Corporation.

As of June 30, 2025, Wesbanco has total assets of $27.6 billion, with $7.2 billion of assets under management and securities account values of $2.6 billion through its broker/dealer.

The offering is expected to close on or about September 17, 2025, subject to customary closing conditions. Wesbanco plans to list the depositary shares on the NASDAQ Global Select Market under the symbol “WSBCPb.” Keefe, Bruyette & Woods, a Stifel company, RBC Capital Markets, and Raymond James are acting as joint book-running managers, with D.A. Davidson & Co. acting as co-manager. The market has reacted to these announcements by moving the company's shares -0.85% to a price of $31.61. If you want to know more, read the company's complete 8-K report here.

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