This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

City Holding Company Completes Acquisition Of Virginia Savings Bancorp

CHARLESTON, W.Va., 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 $133 million in assets, $120 million in deposits, and operates 5 banking offices in Northwestern Virginia. The merger, which was announced in November 2011, received the approval of all required regulatory agencies in May 2012 and Virginia Savings' shareholders on May 10, 2012. With the acquisition of Virginia Savings, City grows to $2.9 billion in assets and operates 73 banking offices in West Virginia, Kentucky, Virginia, and Ohio.   

City's President and Chief Executive Officer, Skip Hageboeck, stated, "We are very excited about our new opportunities for growth in the State of Virginia and in particular the communities of Front Royal, Winchester, Strasburg, Woodstock and Stephens City.  These markets are immediately adjacent to West Virginia'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."

Michael Funk, 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 Virginia Savings, 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

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs