City Holding Company, “City” (NASDAQ:CHCO) is pleased to announce that
City’s wholly-owned subsidiary City National Bank of West Virginia has
completed the purchase of three branches in Lexington, Kentucky from
American Founders Bank, Inc. (“AFB”), a wholly-owned subsidiary of
Financial Holdings, Inc. The purchase, which was announced in June 2015,
adds approximately $145 million in deposits and $119 million in loans.
With the purchase of these three branches, City grows to $3.8 billion in
assets and operates 85 banking offices in West Virginia, Virginia,
Kentucky, and Ohio.
City’s President and Chief Executive Officer, Skip Hageboeck, stated,
“We are very excited about our opportunities for growth in the Lexington
area, which is one of the best markets in this region of the country. It
is a pleasure to welcome AFB’s President, Bill Craycraft, a veteran
Lexington banker, and his experienced Lexington team, excellent staff,
and loyal customers into the City family.”
About City Holding Company
City is a $3.8 billion diversified financial holding company with its
headquarters in Charleston, West Virginia. City National Bank (the
principal banking subsidiary of City) operates 85 branch locations
serving communities across West Virginia, Virginia, Kentucky, and Ohio.
City’s common stock pays a dividend of $1.68 annually. Additional
information is available at www.bankatcity.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. These forward-looking statements
are intended to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements include,
but are not limited to, statements identified by words such as
“expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,”
“estimates,” “targets,” “projects,” or words of similar meaning
generally intended to identify forward-looking statements. These
forward-looking statements are based upon the current beliefs and
expectations of the management of City and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are beyond the control of City. In
addition, these forward-looking statements are subject to assumptions
with respect to future business strategies and decisions that are
subject to change. Actual results may differ materially from the
anticipated results discussed in these forward-looking statements
because of possible uncertainties. Additional factors that could cause
actual results to differ materially from those expressed in the
forward-looking statements are discussed in City’s reports (such as its
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K) filed with the Securities and Exchange Commission
and available on the SEC’s Internet site (www.sec.gov)
and on City’s website (bankatcity.com). City does not undertake any
obligation to update any forward-looking statement to reflect
circumstances or events that occur after the date the forward-looking
statements are made.
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