WesBanco Announces $230M Offering of Preferred Stock

By Tamara Parker • Sunday, September 14 10:59 • 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 offering consists of 9,200,000 depositary shares, with each share 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).

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

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, it plans to use approximately $50 million of the net proceeds to redeem in full its outstanding 4.0% fixed-to-floating rate subordinated notes due September 30, 2030, with the remaining net proceeds allocated for general corporate purposes.

As of June 30, 2025, WesBanco had $27.6 billion in total assets, with its trust and investment services holding $7.2 billion of assets under management and securities account values (including annuities) 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."

WesBanco, Inc., headquartered in Wheeling, West Virginia, has over 150 years of experience as a community-focused, regional financial services partner. It operates across an eight-state footprint, offering retail and commercial banking solutions, trust, brokerage, wealth management, and insurance services. Following these announcements, the company's shares moved -0.85%, and are now trading at a price of $31.61. For more information, read the company's full 8-K submission here.

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