Final 11-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549


Form 11-K

[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2004

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                                     to

Commission file number 0-8467

A.  
Full title of the plan and the address of the plan, if different from that of the issuers named below:
 

WESBANCO, INC. KSOP


B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

WesBanco, Inc.
1 Bank Plaza
Wheeling, WV 26003



 


Required Information
A. Financial Statements and Schedules:
Page
   
Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . .
1
   
Audited Financial Statements
  
Statements of Net Assets Available for Benefits. . . . . . . . . . . . . . . . . . . . . .
2
Statements of Changes in Net Assets Available for Benefits . . . . . . . . . . . .
3
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
   
Supplemental Information
  
Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) . . . . . . . .
13
Schedule H, Line 4(j) - Schedule of Reportable Transactions. . . . . . . . . . . . .
14
 
  
B. Exhibits:
  
   
23 Consent of Independent Registered Public Accounting Firm. . . . . . . . .
E - 1
   
   
 
 
 
 
 
 

SIGNATURES


The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


WESBANCO, INC. KSOP
(Name of Plan)



June 28, 2005
Date




/s/ Robert H. Young
Robert H. Young
Executive Vice President and Chief
Financial Officer













Audited Financial Statements
and Supplemental Information
 
WesBanco, Inc. KSOP
Years ended December 31, 2004 and 2003
with Report of Independent Registered Public Accounting Firm

 
 
 

WesBanco, Inc. KSOP

Audited Financial Statements and Supplemental Information


Years ended December 31, 2004 and 2003




Contents

 Report of Independent Registered Public Accounting Firm    
 1
 Audited Financial Statements  
   
 Statements of Net Assets Available for Benefits
 2
 Statements of Changes in Net Assets Available for Benefits
 3
 Notes to Financial Statements
 4
   
 
Supplemental Information
  
   
 Schedule H, Line 4i—Schedule of Assets (Held at End of Year)
 13
 Schedule H, Line 4j—Schedule of Reportable Transactions
 14
 





 


 


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We have audited the accompanying statements of net assets available for benefits of WesBanco, Inc. KSOP (the Plan) as of December 31, 2004 and 2003, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2004 and 2003, and the changes in its net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.

Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedules are presented for purposes of additional analysis and are not a required part of the financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan's management. The supplemental schedules have been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, are fairly stated in all material respects in relation to the financial statements taken as a whole.

/s/ Ernst & Young LLP

Pittsburgh, PA
June 3, 2005


 
 
1
 

WesBanco, Inc. KSOP
  
           
Statements of Net Assets Available for Benefits
  
               
   
December 31 
  
     
2004
   
2003
 
Assets
              
Investments:
              
Registered investment companies
  
$
11,879,083
  
$
11,023,589
  
WesBanco common stock
    
20,750,891
   
13,906,702
 
WesBanco Unitized Fund
    
–
    
4,053,876
 
Cash and short-term investments
    
1,247,568
   
309,855
 
Participant loans
    
3,254
   
8,212
 
Total investments
    
33,880,796
   
29,302,234
 
               
Contributions receivable
    
323,761
   
184,664
 
Accrued assets
    
165,401
   
120,988
 
Total assets
    
34,369,958
   
29,607,886
 
               
Liabilities
              
Note payable to bank
    
253,241
   
578,850
 
Accrued liabilities
    
2,334
   
25,193
 
Net assets available for benefits
  
$
34,114,383
  
$
29,003,843
  
               
See accompanying notes.
              
 
2
 
 

WesBanco, Inc. KSOP
  
               
Statements of Changes in Net Assets Available for Benefits
  
               
   
Years Ended December 31 
  
     
2004
   
2003
 
Additions
              
Investment income:
              
Interest and dividends
  
$
707,161
  
$
595,007
  
Net appreciation in fair value of investments
    
3,433,588
   
4,899,208
 
Total investment income
    
4,140,749
   
5,494,215
 
               
Contributions:
              
Employer
    
842,233
   
888,843
 
Employees
    
1,748,947
   
1,437,288
 
Total contributions
    
2,591,180
   
2,326,131
 
               
Total additions
    
6,731,929
   
7,820,346
 
               
Deductions
              
Distributions to participants
    
1,598,093
   
1,651,163
 
Interest expense
    
23,296
   
47,475
 
Total deductions
    
1,621,389
   
1,698,638
 
               
Net increase
    
5,110,540
   
6,121,708
 
               
Net assets available for benefits:
              
Beginning of year
    
29,003,843
   
22,882,135
 
End of year
  
$
34,114,383
  
$
29,003,843
  
               
See accompanying notes.
              
               


3
 
 
WesBanco, Inc. KSOP
 
Notes to Financial Statements
 
December 31, 2004 and 2003
 
 
1. Plan Description
 
WesBanco, Inc. (WesBanco) is a bank holding company offering a wide range of financial services, including customary banking services, trust and investment management, insurance and brokerage services, through offices located in West Virginia, southwestern, central, and eastern Ohio, and western Pennsylvania.
 
The following brief description of the WesBanco, Inc. KSOP (Plan) is provided for general information purposes only. Participants should refer to the Plan Agreement and Summary Plan Description for more complete information. The Plan is administered by a committee comprised of employees and directors appointed by the Board of Directors of WesBanco. The Plan includes an employee stock ownership plan (ESOP), established on December 31, 1986, which is a noncontributory, defined contribution plan, and also qualifies as a cash or deferral arrangement under Section 401(k) of the Internal Revenue Code effective January 1, 1996. Prior to July 1, 2004, the Trust Department of WesBanco Bank, Inc. (Bank) was the trustee of the ESOP and State Street Bank and Trust Company was the trustee for the 401(k) portion of the Plan. Effective July 1, 2004, PNC Bank, N.A. (PNC) was appointed trustee and recordkeeper of the KSOP Plan replacing both State Street Bank and Trust Company and the Trust Department of the Bank. Trustee fees may be paid by the Plan or the Plan Sponsor (WesBanco) at the discretion of the Plan Sponsor.
 
Employee Stock Ownership Plan
 
Employer contributions to the ESOP are made in an amount determined by the Board of Directors. For any year in which the ESOP has a loan outstanding, the contribution may be no less than is needed to pay the required principal and interest on the loan for that year, net of dividends received on unallocated common stock. The ESOP makes contributions to participants who complete 1,000 hours of service during the plan year and who are actively employed on December 31. Contributions and forfeitures are allocated to participants in proportion to each participant’s compensation, but cannot exceed the lesser of $41,000 or 100% of such participant’s compensation during the plan year.
 
4
 
 
WesBanco, Inc. KSOP

Notes to Financial Statements (continued)





1. Plan Description (continued)
 
Participants’ interests in the ESOP are fully vested after five years of service. Distributions to participants who have left employment of the Company or their beneficiaries may be paid in either cash or stock in a lump-sum or installments over a period that the participant selects, within certain Plan restrictions. Generally, terminations of employment for reasons other than death, normal retirement, or permanent disability prior to completion of five years of service result in forfeiture. Forfeitures of terminated nonvested account balances at December 31, 2004 and 2003, totaled $62,241 and $80,224, respectively.
 
The ESOP maintains a revolving line of credit with the Bank and uses the proceeds of the loan to buy WesBanco common stock. The ESOP holds the common stock in a suspense account until principal payments are made on the loan. As loan payments are made, an amount of common stock is released from the suspense account and allocated to the accounts of the participants based on each participant’s compensation. The borrowing is collateralized by the unallocated shares of stock and periodic payments are guaranteed by WesBanco. The lender has no rights against the shares once they are allocated under the ESOP. At December 31, 2004, the KSOP holds 649,074 shares of WesBanco common stock, of which 617,479 shares were allocated to specific employee accounts and 31,595 shares were unallocated. Of the 31,595 unallocated shares, 16,150 were committed to be released.
 
401(k)
 
The 401(k) provides for salary deferral and matching employer contributions. An employee who has completed 60 days of service after attaining 21 years of age shall become a participant of the 401(k) the first day of each calendar month. Eligible employees can invest the employee deferral, employer matching, and employee rollover contribution among funds that are made available by the Plan Administrator. A participant’s interest is 100% vested in the employee deferral, employee matching, and rollover accounts. Hardship distributions can be made from a participant’s employee deferral account with approval by the Plan Administrator, if specific criteria are met.
 

5
 
WesBanco, Inc. KSOP

Notes to Financial Statements (continued)
 




1. Plan Description (continued)
 
Employer matching contributions may be paid to the Trust in cash or shares of WesBanco common stock, as determined by the Board. For the years ended December 31, 2004 and 2003, the matching contributions are equal to 50% of the first 4% of compensation deferred. Effective January 1, 2005, matching contributions are equal to 100% of the first 3% of compensation deferred and 50% of the next 2% of compensation deferred. The amount of the contribution will not be greater than the amount permitted by federal law. Effective January 1, 2004, participants may redirect any employer matching contributions made in common stock into other registered investment funds if the participant has been employed for three years or more. Effective January 1, 2005, participants are not required to be employed for three years to redirect employer matching contributions made in common stock into other registered investment funds.
 
In 2004, as a result of a change in the Plan’s Trustee and Recordkeeper, WesBanco replaced the Federated Prime Obligation Fund, Vanguard Intermediate Fund, Vanguard Short-Term Bond Fund, Harbor International Fund, T. Rowe Price Small Stock Fund, Harbor Capital Appreciation Fund, and the Fidelity Growth Company Fund with the BlackRock Money Market Portfolio, Federated Total Return Government Bond Fund, BlackRock GNMA Portfolio, American Funds Euro Pacific Growth Fund, Fidelity Advisor Small Cap Fund, T. Rowe Price Growth Stock Fund, and the American Funds Growth Fund of America, respectively. The ESOP and the Unitized funds were combined into the WesBanco Inc. Common Equity Fund and the Stock Liquidity Fund. WesBanco also offered new alternative fund options including the American Funds Bond Fund of America, American Funds Balanced Fund, American Funds Small Cap World Fund, Royce Low Price Stock Fund, and the Federated Capital Appreciation Fund. In 2003, WesBanco replaced the Harbor International Growth Fund with the Harbor International Fund. Other fund options included the WesMark Bond Fund, WesMark Growth Fund, WesMark Balanced Fund, WesMark Small Company Fund, AIM Funds Group Basic Value Class A, and the Federated Max Cap.
 
The net assets of the American Bancorporation Profit Sharing 401(k) (American Plan) were transferred into the Plan on January 3, 2003. American Plan participants were permitted to borrow from their fund accounts based upon the vested portion of participant and American Bancorporation contributions. Existing loans from the American Plan were grandfathered into the Plan; however, no new loans are permitted. Loan transactions were treated as a transfer to (from) the investment funds from (to) loans to participants. The loans are secured by the balance in the participant’s account and bear interest at a rate commensurate with local prevailing rates. Interest rates ranged from 8.75% to 10.50%. Principal and interest are paid ratably through payroll deductions.
 
6
 
WesBanco, Inc. KSOP

Notes to Financial Statements (continued)
 



 
 
2. Summary of Significant Accounting Policies
 
The financial statements of the Plan are prepared on the accrual basis, except for distributions to participants that are recorded when paid. Purchases and sales of securities are accounted for as of the trade date. Interest and dividend income is recorded as earned.
 
Valuation of Investments
 
The Plan’s investments are stated at fair value. Securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the Plan year. Shares of registered investment companies are valued at the net asset value of shares held by the Plan at year-end.
 
Use of Estimates
 
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
 
Priorities Upon Termination of the Plan
 
WesBanco reserves the right to terminate the Plan at any time. In the event the Plan is completely or partially terminated or WesBanco determines it will permanently discontinue making contributions to the Plan, all property then credited to the participants’ accounts will immediately become fully vested and nonforfeitable. The Trustee will be directed to either continue to hold the property in the participants’ accounts in accordance with the provisions of the Plan until such accounts would become distributable under the provisions of the Plan, or distribute to such participants all property allocated to their accounts.
 
3. Transactions With Parties in Interest
 
Legal, accounting, and other administrative fees are paid at the discretion of the Plan Sponsor by the Plan or Plan Sponsor. The Bank provides investment advisory services for the WesMark funds. The Plan is administered by the Plan Sponsor. As noted below, the note payable represents a loan from the Bank. WesBanco makes contributions to the Plan which, for the ESOP, are then used to make required payments on the note payable to the Bank.
 
7
 
 
 
WesBanco, Inc. KSOP

Notes to Financial Statements (continued)





4. Note Payable
 
During 2000, the WesBanco ESOP renewed a revolving line of credit with the Bank. Conditions of the loan agreement provide for a revolving line of credit in the aggregate amount of $2,000,000 which facilitated the purchase of 120,000 shares of WesBanco common stock in the open market early in 2001. No additional stock purchases have occurred since that date. The loan bears interest at a rate equal to the lender’s base rate and requires annual repayments of principal equal to 20% of the balance as of January 1 of each year. The loan has a final maturity date of five years from the date of inception. The $2,000,000 revolving line of credit had a balance of $253,241 and $578,850 as of December 31, 2004 and 2003, respectively.
 
5. Income Tax Status
 
The Plan has received a determination letter from the Internal Revenue Service dated May 15, 2003, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the Code) and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the Internal Revenue Service, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan, as amended, is qualified and the related trust is tax-exempt.
 
8
 
 
WesBanco, Inc. KSOP

Notes to Financial Statements (continued)





6. Investments
 
For the years ended December 31, 2004 and 2003, the Plan’s investments (including investments bought, sold, and held during the year) appreciated (depreciated) in fair value, as determined by quoted market prices, as follows:
 
   
2004
2003
 
    
Fair Value 
    
Net Appreciation (Depreciation
)
  
Fair Value
    
Net Appreciation (Depreciation
)
Investments, at fair value as determined by quoted market price
                          
Participant-directed investments:
                          
Federated Prime Obligations Fund
  
$
-
  
$
-
  
$
1,179,888
  
$
-
  
Cash
    
50
    
-
    
-
    
-
  
BlackRock Money Market
    
1,233,749
    
6,132
    
-
    
-
  
WesMark Small Company Fund
    
1,137,770
    
26,804
    
980,130
    
306,659
  
WesMark Bond Fund
    
886,817
    
(4,853
)
  
840,042
    
(1,158
)
WesMark Growth Fund
    
3,974,465*
    
50,447
    
3,660,258*
    
921,987
  
Harbor International Growth Fund
    
-
    
-
    
-
    
164
  
Harbor International Fund
    
-
    
15,699
    
415,393
    
76,573
  
WesMark Balanced Fund
    
769,043
    
(2,604
)
  
745,619
    
100,228
  
Harbor Capital Appreciation Fund
    
-
    
25,840
    
878,544
    
202,283
  
Federated Max-Cap Fund
    
863,019
    
78,777
    
704,135
    
135,324
  
AIM Funds Group Basic Value Class A
    
1,384,410
    
133,298
    
1,122,695
    
272,802
  
Vanguard Group Fed Fixed Income Fund
    
-
    
(510
)
  
42,621
    
(489
)
Vanguard Group Fixed Income Intermediate Term
    
-
    
(5,992
)
  
287,424
    
(8,566
)
T. Rowe Price Mutual Funds Small Cap Stock
    
-
    
11,405
    
115,551
    
19,910
  
Fidelity Advisor Small Cap
    
229,474
    
26,184
    
-
    
-
  
American Bond Fund of America
    
39,165
    
408
    
-
    
-
  
BlackRock GNMA Class A
    
66,954
    
344
    
-
    
-
  
Federated Total Return Govt. Bd.
    
433,467
    
1,764
    
-
    
-
  
American Balanced R3
    
57,587
    
1,276
    
-
    
-
  
American Growth Fund of America
    
273,674
    
16,907
    
-
    
-
  
Federated Capital Appreciation
    
8,906
    
643
    
-
    
-
  
American Small Cap World R3
    
27,984
    
2,637
    
-
    
-
  
Royce Low Price Stock
    
139,763
    
10,237
    
-
    
-
  
American EuroPacific Growth R3
    
595,383
    
64,321
    
-
    
-
  
T. Rowe Price Growth Stock Fund
    
991,202
    
73,836
    
-
    
-
  
Fidelity Investments Growth Company Fund
    
-
    
3,695
    
51,289
    
6,603
  
Participant loans
    
3,254
    
-
    
8,212
    
-
  
Total participant-directed
    
13,116,136
    
536,695
    
11,031,801
    
2,032,320
  
                           
Nonparticipant-directed investments:
                          
WesBanco Common Stock
    
20,750,891*
    
2,896,893
    
13,906,702*
    
2,160,966
  
BlackRock Money Market
    
12,733
    
-
    
-
    
-
  
WesBanco Stock Liquidity Fund
    
1,036
    
-
    
-
    
-
  
WesBanco Unitized Fund
    
-
    
-
    
4,053,876*
    
705,922
  
Federated Prime Obligations Fund
    
-
    
-
    
309,855
    
-
  
Total nonparticipant-directed
    
20,764,660
    
2,896,893
    
18,270,433
    
2,866,888
  
Total
  
$
33,880,796
  
$
3,433,588
  
$
29,302,234
  
$
4,899,208
  

*The fair value of these individual investments represents 5% or more of the Plan’s net assets.
 
9
 
WesBanco, Inc. KSOP

Notes to Financial Statements (continued)




6. Investments (continued)
 
Nonparticipant-Directed Investments
 
Information about the net assets and the significant components of the changes in net assets relating to the nonparticipant-directed investments is as follows:
 
 
WesBanco Stock Liquidity Fund
WesBanco Common Stock Equity Fund
WesBanco Unallocated ESOP Fund
Total
2004
        
Investments, at fair value:
 
 
 
 
WesBanco common stock
$                           -
$19,740,799
$1,010,092
$20,750,891
Cash and short-term investments
1,036
-
12,733
13,769
Total investments
1,036
19,740,799
1,022,825
20,764,660
 
 
 
 
 
Accrued assets
157,509
-
7,892
165,401
Due to (from)
-
516,316
(516,316)
-
Total assets
158,545
20,257,115
514,401
20,930,061
 
 
 
 
 
Note payable to bank
-
-
(253,241)
(253,241)
Net assets available for benefits
$158,545
$20,257,115
$261,160
$20,676,820
         
2003
        
Investments, at fair value:
 
 
 
 
WesBanco common stock
$12,384,387
$1,522,315
$                       -
$13,906,702
WesBanco Unitized Fund
-
-
4,053,876
4,053,876
Cash and short-term investments
309,855
-
-
309,855
Total investments
12,694,242
1,522,315
4,053,876
18,270,433
 
 
 
 
 
Accrued assets
120,988
-
-
120,988
Due to (from)
648,378
(648,378)
-
-
Total assets
13,463,608
873,937
4,053,876
18,391,421
 
 
 
 
 
Note payable to bank
-
(578,850)
-
(578,850)
Net assets available for benefits
$13,463,608
$295,087
$4,053,876
$17,812,571
 
 

 
10
 
 
WesBanco, Inc. KSOP

Notes to Financial Statements (continued)





6. Investments (continued)
 
 
    
WesBanco Unitized Fund
 
 
WesBanco Allocated ESOP Fund
 
 
WesBanco Stock Liquidity Fund
 
 
WesBanco Common Stock Equity Fund
 
 
WesBanco Unallocated ESOP Fund
 
 
Total
 
Net assets available for benefits at
       January 1, 2004
  
$
4,053,876
  
$
13,463,608
  
$
-
  
$
-
  
$
295,087
  
$
17,812,571
  
Additions:
    
   
   
   
   
   
 
Interest and dividends
    
-
    
225,487
    
315,325
    
-
    
43,439
    
584,251
  
Net appreciation (depreciation)
    
-
    
-
    
-
    
2,959,985
    
(63,092
)
  
2,896,893
  
Contributions
    
227,751
    
-
    
151,988
    
-
    
312,000
    
691,739
  
 
    
   
   
   
   
   
 
Deductions:
    
   
   
   
   
   
 
Distributions
   
(156,739
)
  
(343,269
)
  
(7
)
  
(495,949
)
  
-
    
(995,964
)
Interest expense
    
-
    
-
    
-
    
-
    
(23,295
)
  
(23,295
)
Net transfers
    
(4,124,888
)
  
(13,345,826
)
  
(308,761
)
  
17,793,079
    
(302,979
)
  
(289,375
)
Net assets available for benefits at
      December 31, 2004
  
$
-
  
$
-
  
$
158,545
  
$
20,257,115
  
$
261,160
  
$
20,676,820
  

 
    
WesBanco Allocated ESOP Fund 
 
 
WesBanco Unallocated ESOP Fund
 
 
WesBanco Unitized Fund
 
 
Total
 
                           
Net assets available for benefits at January 1, 2003
  
$
11,193,535
  
$
258,451
  
$
3,018,082
  
$
14,470,068
  
Additions:
                          
Interest and dividends
    
450,054
    
47,209
    
-
    
497,263
  
Net appreciation in fair value of investments
    
2,055,811
    
105,155
    
705,922
    
2,866,888
  
Contributions
    
-
    
450,000
    
527,909
    
977,909
  
                           
Deductions:
                          
Distributions
   
(754,045
)
  
-
    
(127,758
)
  
(881,803
)
Interest expense
    
-
    
(47,475
)
  
-
    
(47,475
)
Net transfers
    
518,253
    
(518,253
)
  
(70,279
)
  
(70,279
)
Net assets available for benefits at December 31, 2003
  
$
13,463,608
  
$
295,087
  
$
4,053,876
  
$
17,812,571
  

7. Subsequent Events (Unaudited)
 
On August 31, 2004, WesBanco completed the acquisition of Western Ohio Financial Corporation (Western Ohio). As a result of the acquisition, the Western Ohio Savings 401(k) Plan was closed to new contributions and based on eligibility dates all new Western Ohio participants were automatically enrolled in the WesBanco KSOP Plan. Effective January 5, 2005, Western Ohio’s plan was merged with and into the WesBanco KSOP Plan. Western Ohio’s 401(k) Plan had assets totaling approximately $1.2 million as of the date of transfer.
 
11
 
 
WesBanco, Inc. KSOP

Notes to Financial Statements (continued)





7. Subsequent Events (Unaudited) (continued)
 
On January 3, 2005, WesBanco completed the acquisition of Winton Financial Corporation (Winton Financial). As a result of the acquisition, the Winton Financial Savings 401(k) Plan was closed to new contributions and based on eligibility dates all new Winton Financial participants were automatically enrolled in the WesBanco KSOP Plan. Effective April 1, 2005, Winton Financial’s plan was merged with and into the WesBanco KSOP Plan. Winton Financial’s 401(k) Plan had assets totaling approximately $14.1 million at the date of transfer.
 

 

 
12
 
 
 


Supplemental Information
 
 
 

WesBanco, Inc. KSOP
           
EIN #55-0571723                  Plan #002
 
          
Schedule H, Line 4i – Schedule of Assets
(Held at End of Year)
           
December 31, 2004
           
Identity of
 
 
 
 
 
Issue, Borrower,
 
 
 
 
 
Lessor, or
 
Description of
 
 
Current
Similar Party
  
Investment
Cost
 
Value
           
   
Short-Term Investments
      
1,036
 
WesBanco Stock Liquidity Fund*
    
$ 1,036
919,768
 
BlackRock Money Market
    
1,246,482
50
 
Cash
    
50
           
   
Registered Investment Companies
    
 
152,721
 
WesMark Small Company Fund*
    
1,137,770
89,127
 
WesMark Fixed Income Fund*
    
886,817
310,021
 
WesMark Growth Fund*
    
3,974,465
85,071
 
WesMark Balanced Fund*
    
769,043
35,297
 
Federated Max-Cap Fund
    
863,019
42,702
 
AIM Funds Group Basic Value Class A
    
1,384,410
37,489
 
T-Rowe Price Mutual Funds Small Cap Stock
    
991,202
9,317
 
Fidelity Advisor Small Cap
    
229,474
2,869
 
American Bond Fund of America
    
39,165
6,756
 
BlackRock GNMA Class A
    
66,954
39,695
 
Federated Total Return Govt Bd.
    
433,467
3,208
 
American Balanced R3
    
57,587
10,099
 
American Growth Fund of America
    
273,674
351
 
Federated Capital Appreciation
    
8,906
904
 
American Small Cap World R3
    
27,984
9,117
 
Royce Low Price Stock
    
139,763
16,886
 
American EuroPacific Growth R3
    
595,383
 
        
 
   
Equity Securities
    
 
649,044
 
WesBanco Common Stock*
$ 10,910,085
 
20,750,891
         
 
   
Participant Loans
    
 
   
Loan Account* (interest rates range from
   
 
   
8.75% to 10.50% and have maturities
   
 
   
through January 2006)
    
3,254
           
*Party in interest
         

13
 
 

WesBanco, Inc. KSOP
             
EIN #55-0571723                         Plan #002
             
Schedule H, Line 4j – Schedule of Reportable Transactions
             
Year Ended December 31, 2004
             
         
Current
  
 
 
 
 
 
Value of
 
 
 
 
 
 
Asset on
 
Identity of
 
Purchase
Selling
Cost of
Transaction
Net
Party Involved
Description of Assets
Price
Price
Asset
Date
 Gain
 
 
 
 
 
    
             
There were no type categories (i), (ii), (iii), and (iv) transactions for the year ended December 31, 2004.
             
             
 
14