June 1, 2012
/PRNewswire/ -- City Holding Company, "City" (NASDAQ: CHCO) is pleased to announce that it has completed the acquisition of Virginia Savings Bancorp, parent company of Virginia Savings Bank. As of
April 30, 2012
, Virginia Savings has
in deposits, and operates 5 banking offices in
. The merger, which was announced in
, received the approval of all required regulatory agencies in
and Virginia Savings' shareholders on
May 10, 2012
. With the acquisition of Virginia Savings, City grows to
in assets and operates 73 banking offices in
, Virginia, and Ohio.
City's President and Chief Executive Officer,
, stated, "We are very excited about our new opportunities for growth in the
State of Virginia
and in particular the communities of
and Stephens City. These markets are immediately adjacent to
's Eastern Panhandle where we already maintain a strong branch network. It is a pleasure to welcome Virginia Savings Bank's excellent staff, customers and shareholders into the City family. We are thankful for the excellent work and dedication of both Virginia Savings and City's staff in ensuring a smooth and successful business combination."
, President of Virginia Savings, added, "The successful completion of our business combination with City is great news for Virginia Savings Bank customers, employees and shareholders. City is a high performing banking company and has a solid record of achieving extraordinary results for its shareholders while delivering quality products and services to its customers. Like
, City National has a strong commitment to the communities it serves and our customers will benefit from enhancements to products and services that a larger bank can offer."
About City Holding Company