UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 31, 2019


WesBanco, Inc.
(Exact name of registrant as specified in its charter)

West Virginia
000-08467
55-0571723
(State or other jurisdiction
(Commission File Number)
(IRS Employer
of incorporation)
 
Identification No.)

1 Bank Plaza, Wheeling, WV
26003
(Address of principal executive offices)
(Zip Code)

Registrant's telephone number, including area code       (304) 234-9000

Former name or former address, if changed since last report  Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol
Name of each exchange on which registered
Common stock, $2.0833 par value
WSBC
NASDAQ Global Select Market


 
Item 8.01 Other Events

On May 31, 2019, WesBanco, Inc. ("WesBanco") issued a press release announcing that its affiliate, WesBanco Bank Community Development Corporation ("WesBanco CDC"), was awarded multi-state New Markets Tax Credits ("NMTC") from the U.S. Department of the Treasury's Community Development Financial Institutions Fund ("CDFI Fund") totaling $25 million of investments, which would provide a federal tax credit of $9.75 million over seven years. WesBanco CDC serves the urban and rural areas across the states of Indiana, Kentucky, Ohio, Pennsylvania, and West Virginia.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits

(d)  Exhibits:


 
SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
Wesbanco, Inc.
 
(Registrant)
   
Date:  May 31, 2019
/s/ Robert H. Young
 
Robert H. Young
 
Executive Vice President and
 
Chief Financial Officer

 
   
FOR:
WesBanco, Inc.
     
COMPANY CONTACT:
     
John Iannone
     
SVP, Investor & Public Relations
     
(304) 905-7021


WesBanco Awarded $25 Million of New Markets Tax Credit Investments


Wheeling, WV, May 31, 2019 – WesBanco, Inc. (Nasdaq: WSBC), a diversified, multi-state bank holding company, announced that its affiliate, WesBanco Bank Community Development Corporation ("WesBanco CDC"), was awarded multi-state New Markets Tax Credits ("NMTC") from the U.S. Department of the Treasury's Community Development Financial Institutions Fund ("CDFI Fund") totaling $25 million of investments, which would provide a federal tax credit of $9.75 million over seven years.  WesBanco CDC serves the urban and rural areas across the states of Indiana, Kentucky, Ohio, Pennsylvania, and West Virginia.

"We are pleased that the CDFI Fund has again chosen WesBanco to be a financial partner to strengthen our communities," said Joseph P. Flynn Jr., WesBanco's Senior Vice President of Community Development.  "For nearly 150 years, WesBanco has maintained its commitment to the success of the communities in which we do business with the goal of promoting meaningful, community-driven investments and funding a wide variety of businesses providing critical social and commercial services to low-income residents.  As testament to this legacy, since 2001 WesBanco's affiliate, WesBanco Bank, has earned six consecutive Community Reinvestment Act (CRA) "outstanding" ratings, the highest rating awarded, from bank regulators for the Bank's performance in meeting community credit needs."

The New Markets Tax Credit Program, established by the United States Congress in December 2000, permits individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in vehicles known as Community Development Entities ("CDEs").  CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships that provide loans, investments, or financial counseling in low-income urban and rural communities.  The tax credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period.  The CDEs in turn use the capital raised to make investments in low-income communities.  CDEs must apply annually to the CDFI Fund to compete for New Markets Tax Credit Program allocation authority.

About WesBanco, Inc.
Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a multi-state, bank holding company with total assets of approximately $12.6 billion (as of March 31, 2019).  WesBanco is a diversified and well-balanced financial services institution, with a community bank at its core, built upon a strong legacy of credit and risk management.  WesBanco has meaningful market share across its key geographies maintained by its commitment to dedicated customer service and solid fee-based businesses. It also provides wealth management services through a century-old trust and wealth management business, with approximately $4.5 billion of assets under management (as of March 31, 2019), and serves as registered investment advisor to a proprietary mutual fund family, the WesMark Funds.  WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 203 financial centers in the states of Indiana, Kentucky, Ohio, Pennsylvania, and West Virginia.  In addition, WesBanco operates an insurance agency, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.