WHEELING, W.Va., April 28, 2014 /PRNewswire/ -- WesBanco, Inc. (NASDAQ: WSBC), the parent company of WesBanco Bank, Inc., has been named to the 2013 Bank Honor Roll of superior performers by Keefe, Bruyette & Woods (KBW), a full-service investment bank that specializes in the financial sector. WesBanco is one of only 31 U.S. banking institutions to be named to the Honor Roll this year.
KBW screened nearly 400 publicly-traded banking companies with assets of more than $500 million to assemble the list. To earn Honor Roll status, banks must meet three conditions:
- No annual loss reported in net income per share before extraordinary items over the past 10 years;
- 2013 annual reported net income per share before extraordinary items equal to or greater than peak net income per share over the past ten years; and
- Consecutive increases in net income per share before extraordinary items since 2009.
"We believe it is fair to say that the past decade has been one of the most challenging in the history of U.S. banking, as 496 banks failed during that period," noted Fred Cannon, KBW director of research. "The Bank Honor Roll is a way for KBW to acknowledge companies that have managed to excel during these tumultuous times and position their companies for further growth in what remains a rate-challenged environment."
The companies named to the 2013 Bank Honor Roll significantly outperformed the banking industry from 2008-2013 in terms of stock performance.
Paul M. Limbert, President & CEO of WesBanco, said, "We are especially proud of this significant achievement that recognizes our financial performance over the past ten years, one of the most difficult and challenging periods in modern banking history. To have come through the significant recession in the middle of that ten year period is a testament to WesBanco's long-term focus as well as our ability to adjust to challenging market conditions and regulatory constraints. We are strongly committed to our shareholders, customers and employees and are pleased that we have been recognized for providing enhanced shareholder value."
WesBanco, Inc. is a multi-state bank holding company of $6.2 billion in total assets providing banking services through 120 locations and 106 ATMs in West Virginia, Ohio and Pennsylvania. WesBanco's banking subsidiary is WesBanco Bank, Inc., headquartered in Wheeling, West Virginia. WesBanco also operates an insurance brokerage company, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.
SOURCE WesBanco, Inc.