WHEELING, W.Va., Feb. 3: WesBanco, Inc. (Nasdaq: WSBC), a diversified, multi-state bank holding company, announces that its affiliate, WesBanco Bank, has again been named to Forbes magazine's list of the Best Banks in America.
The 2018 ranking is WesBanco's eighth year making the list since its inception in 2010, and the first time in the top twenty - coming in as the 17th best bank.
"WesBanco is very proud to have been named one of the top twenty best banks in America by a leading financial publication of Forbes' stature," said Todd F. Clossin, WesBanco President and Chief Executive Officer. "During our nearly 150 years, WesBanco has maintained its strong community banking roots and focus on customer service while emerging into a diversified and well-balanced financial services institution. This annual recognition is a testament to the hard work and dedication of all our employees, our strong legacy of credit and risk management, and strategic focus to create a premier financial institution for our customers and shareholders."
Mr. Clossin added, "WesBanco had another successful year during 2017 as we executed upon our well-defined, long-term operational and growth plans. We have balanced loan and deposit distribution across our diverse regional footprint, bolstered by strong market positions. We continue to seek opportunities to organically grow our fee-based businesses, including our century-old wealth management business, as we also diligently manage discretionary costs to deliver positive operating leverage. We remain focused on the long-term success of our diversified business model, customers, and shareholders."
Forbes magazine ranked the 100 largest U.S. banks and thrifts based on ten, equally weighted metrics related to growth, profitability, capital adequacy, and asset quality based on regulatory filings for the period ending September 30, 2017. These metrics included 12-month operating revenue growth, return on average tangible equity, return on average assets, net interest margin, efficiency ratio, net charge-offs as a percent of total loans, nonperforming assets as a percent of assets, risk-based capital ratio, reserves as a percent of nonperforming assets, and the CET1 ratio.
