City Holding Company Completes Purchase of American Founders Bank Branches in Lexington, Kentucky
November 09 2015 - 4:20PM
Business Wire
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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version on businesswire.com: http://www.businesswire.com/news/home/20151109006726/en/
City Holding CompanyCharles R. Hageboeck, President and Chief
Executive Officer304-769-1102
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