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WesBanco Inc. Earns $22.1M

WesBanco Inc. earned $22.1 million from April 1 to June 30, reflecting a $500,000 increase from the $21.6 million collected during the same period in 2015.

For the first six months of the year, WesBanco recorded $45 million worth of profits, a $9.5 million increase from the first six months of 2015.

“We are pleased with WesBanco’s performance during the second quarter of 2016 as we continue to focus on credit quality and expense management while generating long-term growth,” WesBanco Inc. President and CEO Todd Clossin said. “While we currently anticipate a ‘lower for longer’ interest rate environment, resulting in fewer rate increases in the near-term horizon, we are making steady progress on our previously stated business mix and balance sheet mix strategies.”

On May 3, WesBanco and Your Community Bankshares Inc. — a bank holding company headquartered in Indiana with approximately $1.6 billion in assets and 33 branches — jointly announced plans to merge. The transaction is valued at approximately $221 million and is expected to close before the end of 2016.

“We remain on track to close on our recently announced merger with Your Community Bankshares. As I mentioned previously, we are excited about this quality franchise as it meshes nicely with our strategic growth plans,” Clossin said. “Southern Indiana and Kentucky are high-growth markets with excellent demographics that attractively enhance our current market footprint.”

WesBanco’s banking subsidiary WesBanco Bank Inc., operates 141 financial centers in the states of West Virginia, Ohio and Pennsylvania. In addition, WesBanco operates an insurance agency, WesBanco Insurance Services Inc., and a full service broker/dealer, WesBanco Securities Inc.

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