Business
WesBanco Awarded $25 Million of New Markets Tax Credit Investments
WHEELING, W.Va., May 31, 2019 /PRNewswire/ -- WesBanco, Inc. (Nasdaq: WSBC), a diversified, multi-state bank holding company, announced that its affiliate,
About this update from Wesbanco, Inc.
[{"type":"text","content":"WHEELING, W.Va., May 31, 2019 /PRNewswire/ -- WesBanco, Inc. (Nasdaq: WSBC), a diversified, multi-state bank holding company, announced that its affiliate, WesBanco Bank Community Development Corporation (\"WesBanco CDC\"), was awarded multi-state New Markets Tax Credits (\"NMTC\") from the U.S. Department of the Treasury's Community Development Financial Institutions Fund (\"CDFI Fund\") totaling $25 million of investments, which would provide a federal tax credit of $9.75 million over seven years. WesBanco CDC serves the urban and rural areas across the states of Indiana, Kentucky, Ohio, Pennsylvania, and West Virginia. \n\n \n\"We are pleased that the CDFI Fund has again chosen WesBanco to be a financial partner to strengthen our communities,\" said Joseph P. Flynn Jr., WesBanco's Senior Vice President of Community Development. \"For nearly 150 years, WesBanco has maintained its commitment to the success of the communities in which we do business with the goal of promoting meaningful, community-driven investments and funding a wide variety of businesses providing critical social and commercial services to low-income residents. As testament to this legacy, since 2001 WesBanco's affiliate, WesBanco Bank, has earned six consecutive Community Reinvestment Act (CRA) 'outstanding' ratings, the highest rating awarded, from bank regulators for the Bank's performance in meeting community credit needs.\"\nThe New Markets Tax Credit Program, established by the United States Congress in December 2000, permits individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in vehicles known as Community Development Entities (\"CDEs\"). CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships that provide loans, investments, or financial counseling in low-income urban and rural communities. The tax credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. The CDEs in turn use the capital raised to make investments in low-income communities. CDEs must apply annually to the CDFI Fund to compete for New Markets Tax Credit Program allocation authority.\nAbout WesBanco, Inc.\nFounded in 1870, WesBanco, Inc. (www.wesbanco.com) is a multi-state, bank holding co...