-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UljNRiXVvw4y7xWjPK+7Tj1hvfOUcoSjZ4mUZOz/lI6TD5z34keVmPYSjhYWSrKH o+EKPoGMhRe5WMAUVx261g== 0000203596-99-000009.txt : 19990618 0000203596-99-000009.hdr.sgml : 19990618 ACCESSION NUMBER: 0000203596-99-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19990604 ITEM INFORMATION: FILED AS OF DATE: 19990617 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESBANCO INC CENTRAL INDEX KEY: 0000203596 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 550571723 STATE OF INCORPORATION: WV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-08467 FILM NUMBER: 99648114 BUSINESS ADDRESS: STREET 1: 1 BANK PLAZA CITY: WHEELING STATE: WV ZIP: 26003 BUSINESS PHONE: 3042349000 MAIL ADDRESS: STREET 1: ONE BANK PLZ CITY: WHEELING STATE: WV ZIP: 26003 8-K 1 1 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) June 4, 1999 ------------------ WesBanco, Inc. ------------------------------------------------------ (Exact name of registrant as specified in its charter) West Virginia 0-8467 55-0571723 - --------------------------- ------------ ------------------ (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) 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 --------------- 2 Item 5 - Other Events On June 4, 1999, the WesBanco Executive Committee of the Board of Directors approved a plan to repurchase up to 1,000,000 shares of WesBanco common stock on the open market. The timing, price and quantity of purchases will be at the discretion of the Corporation and the program may be discontinued or suspended at any time. On June 7, 1999, WesBanco announced the sale of its credit card portfolio to Inficorp, of Atlanta, Georgia. As of the sale date the credit card portfolio had receivables of approximately $15 million. WesBanco recorded a gain of approximately $3 million in the sale. Item 7 - Financial Statements, Pro Forma Financial Information and Exhibits c) Exhibits 99.1 - Press release dated June 4, 1999, regarding a stock repurchase program to purchase up to 1,000,000 shares of WesBanco common stock. 99.2 - Press release dated June 7, 1999, regarding the sale of WesBanco's credit card portfolio to an Atlanta, Georgia based financial company. Signatures 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) June 17, 1999 /s/ Edward M. George - ------------- --------------------------- Date Edward M. George President & Chief Executive Officer EX-99 2 EXHIBIT 99.1 ------------ NEWS For Immediate Release For Further Information Contact June 4, 1999 Edward M. George President & CEO (304) 234-9208 Nasdaq Trading Symbol: WBSC WESBANCO ANNOUNCES COMPLETION OF 1998 STOCK REPURCHASE PROGRAM AND APPROVAL OF NEW STOCK REPURCHASE PROGRAM WesBanco, Inc. President & CEO, Edward M. George, today announced that WesBanco has completed the acquisition of one million shares of its stock. The purchases were authorized by the WesBanco Board of Directors on October 15, 1998. A portion of the shares repurchased were used to complete the acquisition of the Heritage Bank of Harrison County, Inc., Clarksburg, West Virginia, for the shareholder dividend reinvestment plan and for the employee benefit plan. In connection with the completion of the previous stock repurchase program, the Executive Committee of the Board of Directors has approved a plan, effective immediately, to repurchase up to 1,000,000 additional shares of WesBanco common stock on the open market. The timing, price and quantity of purchases will be at the discretion of the Corporation and the program may be discontinued or suspended at any time. The WesBanco Board believes that the stock repurchase program presents an attractive opportunity for the Corporation at this time. The shares will be available for general corporate purposes. WesBanco, Inc. has assets of $2.2 billion and operates 4 banks, a mortgage company, insurance and full service brokerage subsidiaries which have offices in West Virginia and Ohio. EX-99 3 EXHIBIT 99.2 ------------ NEWS For Immediate Release June 7, 1999 For Further Information Contact: Kristine N. Molnar President & CEO WesBanco Bank Wheeling (304) 234-9213 WesBanco Sells Credit Card Portfolio WHEELING, WV - WesBanco today announced the sale of its credit card portfolio to an Atlanta, Georgia based financial service company. The credit card receivables of approximately $15 million have been sold to Inficorp, a company that does business only in credit cards. WesBanco and Inficorp have entered into an agent bank arrangement in which Inficorp will offer its credit card products to WesBanco customers using the WesBanco name. Current WesBanco credit card customers will be able to continue using their existing cards. Kristine N. Molnar, President and CEO of WesBanco Wheeling, said, "Over the last ten years, the credit card business has become volume driven due to the concentration that has taken place in the industry. Now that the credit card business has become one of scale, it is difficult for small and medium size companies to provide competitive customer service enhancements. Our partnership with Inficorp makes it possible for us to offer the best credit card products available to our customers. The arrangement is one in which WesBanco and our customers will benefit." Molnar said, "WesBanco was an early entry in the credit card business. We began selling BankAmericard products and services in 1969. Since we have been in the business for so long, we are pleased that the WesBanco name will continue to be associated with a credit card program. We are equally pleased to announce that Inficorp will also honor all rates and terms currently in place on WesBanco credit (more) 2 WesBanco Sells Credit Card Portfolio Page 2 card products, including our Good Neighbor Banking Program rate discount. Now that the sale is complete, we can begin working to provide additional features through our new credit card affiliation." She added that the hours of toll-free customer service will be greatly expanded and that other product enhancements will be made. Molnar continued, "The sale of the credit cards will provide WesBanco with a gain of approximately $3 million. The sale will allow us to invest the financial resources associated with credit cards in more profitable earning assets such as commercial and consumer loans. These factors, along with the elimination of credit card charge-offs and outside processing fees, will be beneficial in both the short and long-terms to WesBanco shareholders." WesBanco is a West Virginia based multi-state, multi-bank holding company. WesBanco currently operates four banks through 60 banking offices in the States of West Virginia and Ohio. Its principal banking subsidiaries include: WesBanco Bank Wheeling, WesBanco Bank Fairmont, WesBanco Bank Parkersburg and WesBanco Bank Charleston. In addition, WesBanco operates a mortgage company, WesBanco Mortgage Company, and an insurance agency, Hunter Agency, Inc. Other affiliates include CommBanc Investments, Inc. and Hometown Finance Company. At March 31, 1999, WesBanco had consolidated assets of $2.2 billion, deposits of $1.8 billion and shareholders' equity of $290 million. -----END PRIVACY-ENHANCED MESSAGE-----