WesBanco prices $230 million preferred stock offering

WesBanco Inc. (NASDAQ: WSBC) announced it has priced an underwritten public offering of 9.2 million depositary shares representing interests in preferred stock for $230 million.

Each depositary share represents 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 preferred stock will pay dividends quarterly at 7.375% per year from September 17, 2025 to October 1, 2030. After October 1, 2030, the dividend rate will reset to the five-year treasury rate plus 3.795%. WesBanco may redeem the preferred stock on any dividend payment date on or after October 1, 2030.

The company plans to use approximately $150 million of net proceeds to redeem its outstanding Series A preferred stock and about $50 million to redeem 4.0% subordinated notes due September 30, 2030, which were assumed from its Premier Financial Corporation acquisition. Remaining proceeds will fund general corporate purposes.

Keefe, Bruyette & Woods, RBC Capital Markets, and Raymond James serve as joint book-running managers, with D.A. Davidson & Co. as co-manager. The offering is expected to close on or about September 17, 2025.

WesBanco intends to list the depositary shares on the Nasdaq Global Select Market under the symbol "WSBCPB."

The Wheeling, West Virginia-based bank holding company reported $27.6 billion in total assets as of June 30, 2025.

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