Wesbanco Issues Preferred Stock Depositary Shares
Ticker: WSBCO · Form: 8-K · Filed: Sep 13, 2024 · CIK: 203596
Sentiment: neutral
Topics: capital-raise, preferred-stock, financials
Related Tickers: WSBC
TL;DR
Wesbanco just dropped preferred stock, Series A. Raising capital.
AI Summary
On September 13, 2024, Wesbanco, Inc. filed an 8-K report detailing the issuance of Depositary Shares. Each share represents a 1/40th interest in a share of 6.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A.
Why It Matters
This filing indicates Wesbanco is raising capital through preferred stock, which can impact its capital structure and financial leverage.
Risk Assessment
Risk Level: low — The filing is a standard disclosure of a capital raise event and does not inherently present new risks.
Key Numbers
- 6.75% — Preferred Stock Dividend Rate (Indicates the cost of this capital for Wesbanco.)
- 1/40th — Interest per Depositary Share (Defines the fractional ownership represented by each depositary share.)
Key Players & Entities
- Wesbanco, Inc. (company) — Registrant
- 6.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A (security) — Type of preferred stock issued
- September 13, 2024 (date) — Date of report
FAQ
What is the total amount of capital Wesbanco aims to raise with this preferred stock issuance?
The filing does not specify the total dollar amount of the capital raise, only the terms of the preferred stock.
When is the earliest event reported in this 8-K filing?
The earliest event reported is September 13, 2024.
What is the par value of the preferred stock?
The filing does not explicitly state the par value of the preferred stock.
What is the ticker symbol for Wesbanco, Inc.?
The ticker symbol is not provided in this specific 8-K filing.
What is the primary business of Wesbanco, Inc.?
Wesbanco, Inc. is a national commercial bank.
Filing Stats: 2,063 words · 8 min read · ~7 pages · Grade level 17 · Accepted 2024-09-13 16:10:34
Key Financial Figures
- $2.0833 — hange on which registered Common Stock $2.0833 Par Value WSBC NASDAQ Global Select
Filing Documents
- d857150d8k.htm (8-K) — 42KB
- d857150dex231.htm (EX-23.1) — 3KB
- d857150dex991.htm (EX-99.1) — 1485KB
- d857150dex992.htm (EX-99.2) — 1167KB
- d857150dex993.htm (EX-99.3) — 256KB
- g857150g0912073020495.jpg (GRAPHIC) — 3KB
- 0001193125-24-218851.txt ( ) — 3351KB
- wsbc-20240913.xsd (EX-101.SCH) — 3KB
- wsbc-20240913_def.xml (EX-101.DEF) — 13KB
- wsbc-20240913_lab.xml (EX-101.LAB) — 21KB
- wsbc-20240913_pre.xml (EX-101.PRE) — 14KB
- d857150d8k_htm.xml (XML) — 6KB
Forward-Looking Statements
Forward-Looking Statements Matters set forth in the exhibits to this filing contain certain forward-looking statements, including certain plans, expectations, goals, and projections, and including statements about the benefits of the proposed Merger between the Company and Premier Financial, that are subject to numerous assumptions, risks, and uncertainties. Forward-looking statements in the exhibits to this filing are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those contained or implied by such statements for a variety of factors including: the effects of changing regional and national economic conditions, changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity; sources of liquidity available to the Company and its related subsidiary operations; potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities; actions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, the SEC, the Financial Institution Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investors Protection Corporation, and other regulatory bodies; potential legislative and federal and state regulatory actions and reform, including, without limitation, the impact of the implementation of the Dodd-Frank Act; adverse decisions of federal and state courts; fraud, scams and schemes of third parties; cyber-security breaches; competitive conditions in the financial services industry; rapidly changing technology affecting financial services; marketability of debt instruments and corresponding impact on fair value adjustments; and/or other external developments materially impacting the Company's operational and financial performance, the businesses of the Company and Prem
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits: 23.1 Consent of Crowe LLP. 99.1 Audited consolidated financial statements of Premier Financial Corp. and its subsidiaries as of December 31, 2023 and December 31, 2022, and for each of the years in the three-year period ended December 31, 2023, the notes related thereto, and the reports dated February 28, 2024, relating to such consolidated financial statements of the Company and the effectiveness of the Company's internal control over financial reporting. 99.2 Unaudited condensed consolidated financial statements of Premier Financial Corp. and its subsidiaries as of June 30, 2024 and December 31, 2023, and for the six-month periods ended June 30, 2024 and June 30, 2023, and the notes related thereto. 99.3 Unaudited pro forma condensed combined statements of income for the six months ended June 30, 2024 and the year ended December 31, 2023 of the Company and unaudited pro forma condensed combined balance sheet as of June 30, 2024 of the Company, and the notes related thereto. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 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: September 13, 2024 /s/ Daniel K. Weiss, Jr. Daniel K. Weiss, Jr. Senior Executive Vice President and Chief Financial Officer