WHEELING, W.Va. - WesBanco Inc. said its two pending bank acquisitions may be in jeopardy because the Community Reinvestment Act rating of its WesBanco Bank had been lowered.
The downgrade could "adversely affect" the ability to obtain regulatory approval to buy $691 million-asset American Bancorp. of Wheeling and $105 million-asset Freedom Bancshares Inc. in Belington, WesBanco said in a document filed Monday with the Securities and Exchange Commission.
The $2.3 billion-asset company learned of the downgrade in a preliminary notification from the Federal Reserve Bank of Cleveland, it said in the filing. Further details about the downgrade were not provided, and WesBanco executives did not return phone calls.