Insurance Coverage Threat Forces Out WesBanco Chairman

James Gardill has submitted his resignation as chairman and member of West Virginia’s WesBanco, Inc.’s Board of Directors, as well as a member of various subsidiary boards of WesBanco, effective Aug. 31, 2003, citing a decision by his law firm’s malpractice carrier, who was not identified, that he would no longer be covered under the policy if he continued his role at Wesbanco.

He has served as the Wheeling-based multi-state bank holding company’s board chairman for the last 13 years, and will continue to represent WesBanco as its outside legal counsel. “I have enjoyed tremendously my tenure with WesBanco,” Gardill stated. “As I noted in my letter of resignation, the current litigation environment coupled with a very risk averse insurance market for malpractice insurance in West Virginia, has made it impossible to maintain malpractice insurance coverage for my law firm and continue my other capacities with WesBanco. Even though such dual role is not prohibited by any law, rule, regulation or ethics rule, my law firm has been advised that its coverage will not continue unless I resign from my other capacities.”

CEO Paul Limbert commented, “WesBanco has been extremely well served by Jim’s leadership as a member of our board for over 23 years and as chairman for the past 13 years. While we regret Jim’s decision to resign from our boards, we expect to continue seeking his advice and counsel on an ongoing basis as our general counsel. Jim’s knowledge of bank regulatory matters, as well as his corporate law expertise have uniquely benefited our boards, senior management and shareholders for many years, and that service will continue. On behalf of WesBanco’s Board of Directors, we wish Jim well in his personal and business pursuits, and thank him for his energy, countless hours of service, leadership, and his counsel over the past quarter century.”

The announcement indicated that the Board of Directors “will consider the continuation of the position and the designation of a successor at its next regularly scheduled meeting in October.”