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WHEELING -- Each year since its inception in 1952, the trust department of WesBanco Bank Inc. uses a bequest of the late Wheeling philanthropist, George A. Laughlin to provide interest-free loans to qualifing families living in Ohio County.
Applications are once again being considered for the Laughlin Loan Program, according to WesBanco Bank Trust Officer Marnie Hedges. Since its inception nearly 70 years ago, a total of 288 loans have been awarded through this loan fund.
Laughlin, a Wheeling businessman and newspaper publisher, stipulated in his will that the income from a trust fund be used to provide industrious Ohio County families with dependent children interest-free, no down payment home loans. Income generated from the trust is used to provide home loans and and to pay for homeowner's insurance. As loan payments are made to the bank, as trustee, the funds are reinvested by the trust to be used for future loans.
While all applications will be considered for the Laughlin Plan program, the number of applicants usually exceeds the number of Laughlin Loans available. Applicants who are not chosen for the Laughlin Program (with their approval) can be evaluated for other mortgage programs for which they may qualify.
To receive additional information about the Laughlin Plan program, call Hedges at 304-234-9417 at WesBanco Trust and Investment Services.