WHEELING, W. Va. -- Wesbanco Inc., a multibank holding company, said its third-quarter net income increased 21%, fueled by a rise in loan volume.
Wesbanco, which owns nine banks in West Virginia and eastern Ohio, also said its plan to acquire First Fidelity Bancorp, Fairmont, W. Va., is on track and should be completed by the first quarter of 1994. The acquisition will add three banks with 13 offices to Wesbanco's system. After the merger, consolidated assets will total $1.35 billion.
Net income for the third quarter was $3.9 million, or 60 cents a share, compared with $3.23 million, or 49 cents a share, a year ago.
Excluding the effect of a 9-cent-per-share charge taken in 1992 to account for retirement benefits to employees, nine-month net income increased 16.8%, to $11.24 million, or $1.70 a share. Total $122.8 million. Return on assets was 1.47%, and return on equity was 12.5%.
