WesBanco Announces Initiatives to Assist Customers and Communities Affected by COVID-19

About this update from Wesbanco, Inc.

[{"type":"text","content":"WHEELING, W.Va., March 18, 2020 /PRNewswire/ -- WesBanco, Inc. (Nasdaq: WSBC), a diversified, multi-state bank holding company, announces that its affiliate, WesBanco Bank, has launched a number of initiatives and precautionary measures intended to mitigate the impact of the COVID-19 virus outbreak on its customers, communities, and employees. The measures will be re-evaluated as circumstances require.\n\n \n \n \n \n \n \n\n \n\"For 150 years, WesBanco has maintained its strong community banking roots by focusing on the needs and success of our customers and communities,\" said Todd F. Clossin, WesBanco President & Chief Executive Officer. \"During this important time, we believe it is our duty as a responsible, community-based financial institution to assist and help protect our employees, customers, and communities. We are offering payment relief to affected borrowers, adjusting branch operations to help protect the health and safety of customers and employees while maintaining access to our services, and supporting local non-profit organizations through our grant programs.\" \nSupport for Commercial Customers\nWesBanco is offering to defer certain loan payments for up to 90 days for the most seriously impacted categories of business borrowers, as described below. Current WesBanco business borrowers who wish to request relief are encouraged to call their relationship officer. Public accommodation businesses, such as restaurants/caterers, and certain retail establishments, that are forced to close will be eligible for full deferral of loan payments (principal and interest) for 90 days, and working capital facilities up to $200,000. Public accommodation businesses that are reducing services in response to the pandemic (such as reducing capacity, transitioning to take-out only) will be eligible to make interest-only payments and defer principal payments for 90 days, and working capital facilities up to $100,000. Additional relief programs may be available to existing WesBanco business borrowers on an individualized basis, depending on their circumstances. All deferred loan payments and new loans will be subject to bank approval.\nSupport for Residential Mortgage and Consumer Customers\nExisting residential mortgage and consumer loan customers of WesBanco may also be eligible for the Borrower Relief Program. Current consumer cust...

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